UNIVERSITY  OF  CALIFORNIA 
AT   LOS  ANGELES 


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Sever  ah  relating  to  the 

FUND 

Trinted  for  divers  %eafon$^  as  may  aj^pear* 


THat  the  w/it  of  mm  is  not  in  htmfelf:  it  is  nH  in 
man  that  vfdketh,  to  dire5l  his  Hefty  Is  a  Truth 
that  all  ( who  arc  not  ftrangcrs  to  themfclves) 
muft  ackncwic(^ge-,  &  in  fpccial  the.  Author^ of 
\\{\%  Suhje^',  If  icbcconfidered, 
z  That  he  had  as  iitflc  skill  in,  as  inclination  to,  or  nfccd  of 
concerning  himfclf  in  merchantile  Affairs:  Nor  came  he  into 
New-England  with  a  thought  to  meddle  therewith.'  as  is  well ' 
known  to  many,   i  That  he  {hould  concern  himfelf  to  pro- 
mote Trade  for  others,  and  that  in  this  Land,  a  place  not  de- 
figned  by  the  firft  Planters,  for  Commerce-^  being  better  acquain 
-led  with  cteleftiai'Dealings^  than  the  polities  oi  mundane  affairs 
3  That  he  (hould  amongft  fuch  a  People  clTay  to  promote 
aDcfigrienot  known  in  the  day  thereof  (if  yet)  to) 
in  any  part  of  the  worldCalthough  Unce  in  agitation    . 
and  then  furely  ftrange  here,  where  the  name  of 
benefit  thereby,  was  hardly  heard  of,  4  Thath 


TRACTS  RELATING  TO 
THE  CURRENCY  OF  THE 
MASSACHUSETTS  BAY 

1682-1720 

EDITED   BY 

ANDREW  McFARLAND  DAVIS,  A.  M. 

Member  of  the   Massachusetts  Historical   Society;    American  Antiquarian 
Society;  Colonial  Society  of  Massachusetts ;  and  American  Acad- 
emy of  Arts  and  Sciences.     Corresponding  Member  Cali- 
fornia Historical  Society,  and  Honorary  Mem- 
ber Old  Colony  Historical  Society, 


BOSTON  AND  NEW  YORK 

HOUGHTON,   MIFFLIN  AND  COMPANY 

(Stl^e  flitoetisibe  ^xt^^^  Cambridfle 

1902 


Published  October,  igos. 


t 


INTRODUCTION 

While  prosecuting  the  examination  of  authorities 
which   preceded   the   publication   of   the   two  vol- 
umes entitled  "  Currency  and  Banking  in  the  Pro- 
vince of  the  Massachusetts  Bay,"  I  turned  the  leaves 
of  between  forty  and  fifty  contemporaneous  pam- 
"  phlets  which  were  issued  by  our  local  press  and  de- 
?-  voted  to  the  discussion  of  the  topics  suggested  by  the 
£  titles  of  these  volumes.    The  greater  part  of  these 
tracts  were  rare,  even  the  most  common  of  them 
being  found  only  in  libraries  which  have  for  years 
[]|   had  a  department  specially  devoted  to  Americana. 
>  The  collections  in  the  immediate  vicinity  of  Boston 
contain  nearly  all  of  them,  but  if  one  would  see 
"  Severals  relating  to  the  Fund,"  he  must  go  to  the 
\   Watkinson  Library  at  Hartford.     If  he  would  see 
^  "Some  Proposals  to  benefit  the  Province,"  he  must 
^  visit  the  Library  of  the  American  Antiquarian  Soci- 
V  ety  at  Worcester.     One  of  them,  Douglass's  "  Dis- 
course concerning  the  Currencies,"  has  been  reprinted 
by  the  American  Economic  Association.     Another, 
"  Money  the  Sinews  of  Trade,"  was  reproduced  by 
Robert  Lewis  Kennedy  of  New  York.     These  facts 
indicate  a  desire  on  the  part  of  students  to  place 
upon  the  shelves  of  our  libraries  reprints  of  the 


38916'^ 


Iv  INTRODUCTION 

more  valuable  of  these  tracts.  I  have  indeed  been 
asked,  as  one  who  has  examined  them,  which  of 
them  ought  next  to  be  published  ?  It  would  not  be 
diHitult  to  assign  to  these  publications  an  order  of 
merit,  based  upon  their  literary  style  and  the  pre- 
sent value  of  their  economic  opinions,  but  after  all, 
is  that  what  the  student  wants  ?  Is  it  not  just  as 
important  that  he  should  study  economic  heresies 
as  economic  truths  ?  Can  he  estimate  the  force  of 
public  opinion  unless  he  adopts  the  current  standards 
upon  which  that  opinion  is  based  ?  Can  he  fairly 
judge  the  financial  history  of  Massachusetts  in  the 
eighteenth  century  without  giving  due  weight  to 
the  opportunities  for  knowledge  then  extant?  It 
seems  to  me  that  there  can  be  but  one  answer  to  the 
various  questions  of  this  sort  which  naturally  sug- 
gest themselves  in  this  connection.  The  historical 
student  needs  to  know  all  sides  of  every  question. 

Influenced  by  the  belief  that  there  was  a  certain 
amount  of  interest  in  the  subject  on  the  part  of 
students  in  History  and  Economics,  I  determined  to 
publish  some,  at  least,  of  these  pamphlets,  and  as  I 
did  not  care  to  attempt  any  selection  based  upon 
an  arbitrary  measure  of  their  value,  I  have  taken 
enough  of  them,  in  the  chronological  order  of  their 
issue,  to  make  an  8vo  volume  of  convenient  size  for 
handling,  leaving  to  the  future  the  determination 
whether  this  series  shall  be  continued. 

Beginning  with  "  Severals  relating  to  the  Fund," 


INTRODUCTION  v 

which  contains  a  proposition  for  a  bank,  published 
in  the  spring  of  1682,  the  authorship  of  which  is 
attributed  by  Trumbull  to  Rev.  John  Woodbridge, 
the  series  comprehends  "  A  Model  for  erecting  a 
Bank  of  Credit  with  a  Discourse,"  etc.,  etc.,  printed 
in  London  in  1688,  and  reprinted  in  Boston,  1714. 
This  plan  formed  the  basis  of  Captain  John  Black- 
well's  proposed  bank  in  1686.  The  next  pamphlet 
to  this  in  the  series  is  "  A  Projection  for  erecting 
a  Bank  of  Credit  in  Boston  "  in  1714.  Following; 
this  comes  the  attack  and  defence  of  this  Bank,  and 
after  its  death  a  general  discussion  of  the  situation 
with  occasional  suggestions  for  rehef.  This  brings 
us  down  to  the  last  pamphlet  of  the  series,  "  Some 
Proposals  to  benefit  the  Province,"  1720. 

The  attempt  has  been  made  to  follow  the  pecul- 
iarities of  the  typography  of  the  originals,  which 
may  have  been  introduced  for  purposes  of  emphasis, 
such  as  capitalization  and  italics.  The  spelling  and 
the  punctuation  of  the  originals  have  also  been 
preserved.  The  original  pagination  is  indicated  by 
Arabic  numerals  in  brackets  in  the  text. 

I  have  heretofore  rehearsed  the  considerations 
which  induced  me  to  place  this  publication  on  the 
market.  I  should  neglect  a  plain  duty  if  I  failed  to 
add  that  but  for  the  kind  assistance  and  encourage- 
ment of  my  friend  Worthington  C.  Ford  I  should 
not  at  present,  at  any  rate,  have  come  to  any  defi- 
nite conclusion  on  the  subject.     He,  and  he  alone. 


ri  INTRODUCTION 

will  appreciate  how  much  he  has  done  to  help  me  in 
this  work,  aud  how  much  he  deserves  this  public 
acknowltHlgment. 

The  copies  of  the  pamphlets  were  obtained  at  the 
libraries  of  the  Boston  Athenaeum,  the  Massachu- 
setts Historical  Society,  and  the  Public  Library,  in 
Boston ;  the  American  Antiquarian  Society  in  Wor- 
cester; and  the  Watkinson  Library  in  Hartford, 
Connecticut.  For  permission  to  reprint  the  pam- 
phlets and  to  photograph  the  title-pages  which  are 
introduced  in  this  volume  as  illustrations,  thanks  are 
due  to  these  societies. 

ANDREW  McFARLAND  DAVIS. 
Cambridge,  May  1, 1902. 


CONTENTS 

PAGE 

Sever ALs  relating  to  the  Fund  (1682) 1 

Some  Considerations  on  the  Bills  of  Credit  now  pass- 
ing IN  New-England  (1691) 13 

Some  Additional  Considerations  addressed  unto  the 
Worshipful  Elisha  Hutchinson,  Esq.  (1691)  ....      23 

A  Model  for  erecting  a  Bank  of  Credit  (1688)  ...      35 

A  Projection  for  erecting  a  Bank  of  Credit  in  Boston, 
New-England,  founded  on  Land  Security  (1714)  .     .      69 

Objections  to  the  Bank  of  Credit  lately  projected 
AT  Boston  (1714) 85 

A  Letter,  from  One  in  Boston,  to  his  Friend  in  the 
Country  (1714) Ill 

A  Vindication  of  the  Bank  of  Credit  projected  in 
Boston  (1714) 147 

Some  Considerations  upon  the  Several  Sorts  of  Banks 
propos'd  as  a  Medium  of  Trade  (1716) 167 

The  Present  Melancholy  Circumstances  of  the  Pro- 
vince consider'd,  and  Methods  for  Redress  humbly 
proposed  (1719) 183 

An  Addition  to  the  Present  Melancholy  Circumstances 
OF  the  Province  considered,  &c.  (1719) 199 

The  Distressed  State  of  the  Town  of  Boston,  &c.  con- 
sidered (1720) 233 

A  Letter  from  One  in  the  Country  to  his  Friend  in 
Boston,  containing  Some  Remarks  upon  a  Late  Pam- 
phlet, entituled,  The  Distressed  State  of  the  Town 
OF  Boston,  &c.  (1720) 247 

A  Letter  from  a  Gentleman,  containing  Some  Remarks 
UPON  THE  Several  Answers  given  unto  Mr.  Colman's, 

ENTITULED,    The    DISTRESSED    StATE    OF    TfiE    ToWN     OF 

Boston  (1720) 279 


viii  CONTENTS 

A   ViXniCATION   OF  THE   REMARKS  OF   OnE  IN  THE  COUNTRY 

uroN  The  Distressed  State  of  Boston  (1720)  .  .  .  297 
Reflections  on  the  Present  State  of  the  Province  of 

MAssAciirsETTS-liAY  (1720) 323 

The  Distressed    State  ok  the   Town   of   Boston   once 

more  considered  (1720) 347 

Some  Proposals  to  benefit  the  Province  (1720)   .    .    .  383 


LIST  OF  ILLUSTRATIONS 

Facsimiles  in  full  size  from  the  originals 

PAGE 

First  Page  of  "  Severals  relating  to  the  Fund,"  etc. 

Frontispiece 
Showing  a  memorandum  in  the  handwriting  of  Rev.  Thomas 
Prince.    Photographed  by  permission  of  the  Watkinson  Library, 
Hartford,  Conn. 

First  Page  of  "Some  Considerations  on   the  Bills  of 

Credit,"  etc 14 

Photographed  by  permission  of  the  Boston  Athenaeum. 
First  Page  of  "  Some  Additional  Considerations,"  etc.      24 

This  pamphlet  is  printed  in  connection  with  "Some  Consider- 
ations," etc.,  the  pagination  being  continuous,  this  being  the 
eleventh  of  the  joint  pamphlet.  Photographed  by  permission  of 
the  Boston  Athenaeum. 

Title-Page    of    "  A   Model   for   erecting   a   Bank    of 
Credit,"  etc 36 

.  Photographed  by  permission  of  the  Massachusetts  Historical 
Society. 

Title-Page  of  "  A  Projection  for  erecting  a  Bank  of 
Credit,"  etc 70 

Photographed  by  permission  of  the  Massachusetts  Historical 

Society. 

Title-Page  of  "  Objections  to  the  Bank  of  Credit,"  etc.      86 

Photographed  by  permission  of  the  Boston  Public  Library. 

Title-Page  of  "A  Letter,  from  one  in  Boston,"  etc.  .     112 

Photographed  by  permission  of  the  Massachusetts  Historical 
Society. 

Title-Page  of  "  A  Vindication  of  the  Bank  of  Credit," 
ETC 148 

Photographed  by  permission  of  the  Massachusetts  Historical 
Society. 

Title-Page  of  "  Some  Considerations  upon  the  Several 

Sorts  of  Banks,"  etc 168 

Photographed  by  permission  of  the  Boston  Public  Library. 

First    Page    of    "The    Present    Melancholy   Circum- 
stances," etc 184 

Photographed  by  permission  of  the  Massachusetts  Historical 
Society. 


X  LIST  OF  ILLUSTRATIONS 

First  Page  of  "An  Addition  to  the  Present  Melan- 
choly Circumstances,"  etc 200 

Photographed  by  permission  of  the  Massachusetts  Historical 
Society. 

Title- Pace  ok  "The  Distressed  State  of  the  Town  of 
Boston" 234 

Photographed  by  permission  of  the  Massachusetts  Historical 
Society. 

Tttle-Page  of  "  a  Letter  from  One  in  the  Country," 

ETC 248 

PhotoBxaphed  by  permission  of  the  Boston  Public  Library. 
Title-Page  of  "A  Letter  from  a  Gentleman,"  etc      .     280 

Photogr&phed  by  pennission  of  the  Massachusetts  Historical 
Society. 

Title-Page  of  "  A  Vindication  of  the  Remarks  of  One 
IN  the  Country,"  etc 298 

Photographed  by  permission  of  the  Boston  Public  Library, 
Title-Page  of  "  Reflections  on  the  Present   State  of 

the  Province,"  etc 324 

Photographed  by  permission  of  the  Boston  Public  Library. 
Title-Page  of  "The  Distressed  State  of  the  Tow'n  of 
Boston  once  more  Considered,"  etc 348 

Photographed  by  permission  of  the  Massachusetts  Historical 
Society. 

First  Page  of  "Some  Proposals  to  Benefit  the  Pro- 

vlnce" 384 

Photographed  by  permission  of  the  American  Antiquarian 
Society. 


(O 


Severals  relating  to  the 

FUND 

Printed  for  divers  Reasons^  as  may  appear. 


THat  the  way  of  man  is  not  in  himself:  it  is  not 
in  man  that  walketh,  to  direct  his  steps,  Is  a 
Truth  that  all  (who  are  not  strangers  to  themselves) 
must  acknowledge  ;  &  in  special  the  Author  of  this 
Subject :  If  it  be  considered, 

1  That  he  had  as  little  skill  in,  as  inclination 
to,  or  need  of  concerning  himself  in  merchantile 
Affcdvs  :  Nor  came  he  into  New-England  with  a 
thought  to  meddle  therewith :  as  is  well  known  to 
many.  2  That  he  should  concern  himself  to  pro- 
mote Trade  for  others,  and  that  in  this  Land,  a 
place  not  designed  by  the  first  Planters,  for  Com- 
merce ;  being  better  acquainted  with  ccelestial  Deal- 
ings, than  the  polities  of  mundane  affairs 

3  That  he  should  amongst  such  a  People  essay 
to  promote  a  Designe  not  known  in  the  day  thereof 
(if  yet)  to  1[  ]  in  any  part  of  the  world  (al- 
though since  in  agitation  [  ]  and  then  surely 
strange  here,  where  the   name   of  [         ]    benefit 


2  CURRENCY  FOR  THE 

thereby,  was  hardly  heard  of.     4    That  h[  ] 

[2]  notwithstanding  the  reproaches  east  upon  him, 
cS:  untrnths  raised  &  reported  of  this  Thing,  stil 
appear  to  justifie  &  promote  the  same,  and  encour- 
age those  who  are  satisfied  thereof,  and  join  with 
him  in  this  his  undertaking.  The  rise  of  which  was 
as  foUoweth. 

About  the  latter  end  of  the  year  1649.  an  inti- 
mate Friend  of  the  Author^s  in  London^  Mr.  Wil- 
liam Potter,  who  was  likewise  no  Trader,  Im- 
parted to  him  a  Designe  for  the  accomodation  of 
Commerce,  in  the  natui-e  of  a  Bank  of  money  ;  but 
to  be  founded  upon  personal  Credit,  by  a  consider- 
able number  of  able  Men  Ingaging,  as  the  Found 
thereof,  to  pass  forth  Credit ;  as  a  medium  to  enlarge 
the  Measure  of  money,  that  was  known  to  be  too 
little  for  the  Dealings  of  that  Land  :  Or  by  deposit- 
ing of  Goods,  in  the  nature  of  a  Lumber  of  Mer- 
chandise, to  pass  out  Credit  thereon,  untill  sold.  As 
for  a  Fund  to  have  Land  (the  onely  secure  Deposit) 
the  dubious  &  intricat  Titles  thereof,  put  a  stop  to 
any  discourse  thereabout.  And  as  for  a  Bank  of 
money,  there  was  in  that  no  certain  Security  ;  wof  uU 
experience  proving  them  subject  to  a  rupture. 

The  Author  so  resented  the  Notion  of  his  Friend, 
(the  thing  being  rational,  &  tending  much  to  the 
benefit  of  all  men  where  set  on  foot)  that  it  became 
oft  times  when  they  met,  the  common  subject  of 
their  discourse,  in  a  rotation  of  Proposals,  Objections, 
and  Solutions :  Leaving  no  stone  unturned,  that 
might  fit  the  designe  to  comport  with  that  Place. 


MASSACHUSETTS   BAY  3 

Mr.  Potter  likewise  had  about  that  time  printed  a 
Book  in  folio,  relating  to  his  designe;  one  whereof 
he  bestowed  on  the  Author,  who  (upon  the  report 
that  was  given  him  of  the  Labyrinth  New-England 
was  in,  for  want  of  a  Conveniency  to  mete  their 
Trade  with)  gave  it  with  good  acceptance,  to  a 
Kinsman  of  his  that  was  a  Merchant  of  this  Place  ; 
the  prosperity  wheref   he  was  [  ]er  to,  when 

not  likely  ever  to  see  It.  Whether  by  [  ]  Book, 
or  other  accident,  any  motion  thereabout  [  ]s 
unknown.  But  before  any  thing  was  brought  to 
[  ]t  seems  there  was ;  an  accompt  of  which  shall 
in  [3]  its  place  be  given)  the  Author  was  called 
to  Ireland,  where  he  had  more  endeavoured  the 
promotion  of  this  thing,  than  barely  to  hint  it ;  had 
not  his  transient  Employ  prevented. 

In  anno  1664.  His  lot  being  here  cast,  he  soon  saw 
that  with  his  eye,  that  did  affect  his  heart  i.  e.  The 
Straits  many  were  in ;  the  Time  they  consumed, 
and  the  Disadvantages  they  were  under,  by  higling 
to  suit  ends :  And  thereupon  imparted  to  a  pubHck- 
spirited  Merchant,  with  what  ease,  &  safety  their 
Measure  might  be  inlarged  :  Who  likewise  being 
sensible  of  the  need  thereof,  desired  to  have  in  Writ- 
ing somewhat  about  the  same.  Which  being  done. 
It  was,  it  seems,  imparted  to  divers,  with  approba- 
tion ;  and  Return  made.  That  somewhat  might  be 
done  about  it  in  due  season  :  which  the  author  rested 
satisfied  with  ;  in  that  there  lay  not  now  at  his  dore, 
a  Thing  concealed,  that  might  tend  to  the  welfare  of 
the  Country. 


4  CURRENCY  FOR  THE 

About  three  years  after  this  (that  foregoing  being 
wholly  buried)  the  author  accidentally  started  this 
Expedient,  among  divers  Country  Gentlemen,  Yeo- 
men &  others;  persons  not  likely  to  lend  an  ear  to 
a  thing  of  this  nature.  Yet  so  it  happened,  that  to 
some  one,  or  more  of  them,  the  Notion  was  of  esti- 
mation :  and  spread  abroad,  to  the  occasioning  of 
several  Debates  among  those  who  were  Considerable, 
both  in  Parts  &  Purse :  And  stopped  not,  untill 
the  honoiu-ed  Council  heard  thereof.  But  before 
they  took  notice  of  it,  One  of  the  Magistrates  Im- 
parted the  Designe  to  an  experienced  Merchant,  well 
Read  in  the  nature  of  Banks,  To  have  his  judge- 
ment concerning  this.  Who  Returned,  that  this 
Bank  was  so  Stated,  as  left  not  room  for  a  rational 
Objection  to  be  made  against  it  In  that  those 
Founded  on  Money,  had  only  their  defect,  of  a  pos- 
sibility to  break ;  which  this  Fixed  on  Land,  was 
not  capable  of.  Soon  after  this,  the  Author  had 
notice  given,  that  the  Council  would  send  speedily 
for  him,  about  this  Concern :  &  was  advised  to  write 
somew^hat  about  it,  for  them.  Whereupon,  he  set 
upon  drawing  a  second  Draught,  in  the  dress  of  a 
Projyosal.  The  which,  before  quite  write  out,  a 
Messenger  was  [4]  sent  to  call  him  to  them.  To 
whom  he  presented  his  (then  crude)  conceptions, 
as  follows.  To  which  some  clauses,  and  explana- 
tions are  added :  but  is  the  same  for  substance, 
with  that  on  File  in  the  Records  of  the  General 
Court. 


MASSACHUSETTS  BAY  5 

A  Proposal  for  erecting  a  Fund  of  Land ;  hy 
Authority,  or  private  Persons,  in  the  nature 
of  a  Money-Bank  ;  or  Merchandise-Lumber,  to  pass 
Credit  up)on,  hy  Book-Entries ;  or  Bils  of  Exchange, 
for  great  Payments :  and  Change-bills  for  rim- 
ing Cash.  Wherein  is  demonstrated,  First,  the 
necessity  of  having  a  Bank,  to  inlarge  the  Measure 
of  Dealings  in  this  Land,  hy  shelving  the  henefit  of 
Money,  if  enough  to  mete  Trade  loith ;  &  the  dis- 
advantages, when  it  is  otherwise. 

Money  is  that  One  thing,  which,  as  the  medium 
of  Trade,  (for  so  Solomon^ s  Assertion  must  neces- 
sarily, be  understood)  answer eth  All  things.  For 
where  it  is  in  plenty,  no  Buyer  will  be  bound  to  one 
Person,  or  Market ;  nor  purchase  Credit  at  the  Grant- 
or's price ;  nor  be  necessitated  to  become  Servant  to 
the  Lender,  if  he  have  Money  to  answer  his  occa- 
sions ;  nor  will  run  the  hazard  of  Trusting.  Hereby 
also,  the  frequent  complaints  that  are  made,  for 
want  of  present  pay,  are  silenced  &  persons  freed 
from  a  multitude  of  carking  cares.  It  likewise,  mul- 
tiplies Trading ;  increaseth  Manufacture,  and  Pro- 
visions ;  for  domestic  use,  and  foreign  Returns ; 
abateth  Interest;  incitethto  the  purchasing  of  Land, 
and  heighteneth  its  value;  forwards  the  Improve- 
ment both  of  real,  and  personal  Estates ;  promot- 
eth  the  Settleing  of  new  Plantations,  and  maritim 
Affairs ;  incourageth  heartless  Idlers,  to  Work ; 
redeemeth  Time  Labour,  and  Expence,  greatly 
consumed  in  higling  up  and  down,  to  suit  Pay  to 


G  CURRENCY   FOR   THE 

content,  abrogatetli  the  mystery  of  Trucking,  by 
sinking  JJarttn-,  and  reducing  all  bought,  and  sold, 
to  the  Entrlish  Standard ;  hindretli  wrangling:  and 
vexatious  Suits  upon  Debts  contracted  for  want 
thereof,  to  the  Scandal  of  a  religious  people,  as  well 
as  the  impoverishing  of  [5]  them,  and  the  consum- 
ing the  time  of  their  Magistrates,  that  might  be 
better  spent  about  studying  the  necessary  advantages 
of  Trade,  and  forwarding  of  Manufacture,  to  the 
inriching  of  them.  To  which  end  most  civilized 
Nations  set  some  apart  to  manage,  and  is  the  Load- 
stone that  draweth  commodities  to  the  Market,  that 
great  conveniecy  of  a  people. 

On  the  contrary  where  Coin  is  scarce,*  all  things 
are,  dear,  &  little  answereth  to  content,  or  free  from 
trouble,  and  loss.  Debts  are  contracted  ;  dilatory, 
and  shuffeling  payments  made ;  dexterous  Traders 
retire  or  (which  is  worse)  deal  in  Money,  the  me- 
dknn  of  Trade ;  young  beginners  are  checked ; 
good  men  laid  open  to  temptations,  and  opportuni- 
ties given  to  bad  ones,  that  exact  from  those  who 
must  crave  Credit,  or  cannot  make  suitable  pay. 

Trade  is  stinted  at  home,  and  forestalled  abroad  ; 
Stocks  lye  dead  ;  Intrigue  accompts,  and  perplexing 
Suits  made  ;  Merchants,  and  Shop-keepers,  undersell 
one  another  ;  and  pitifully  help  themselves,  by  beat- 
ing down  Craftsmen  :  who  again,  through  necessity, 
underwork  others  of  their  occupation ;  or  slight  over 
their   work ;    adulterate   Manufacture,    and   hasten 

*  This    Clause,  with   some  other    Objections  6-=  Queries,  very  lately 
made;  shall  receiv  a  full  Reply  in  the  next  Sheet :  if  possible. 


MASSACHUSETTS  BAY  7 

poverty  on  all.  Nor  can  ever  Trade  be  ballanced, 
or  the  advantage  of  Fairs  be  enjoyed,  where  Money 
is  wanting.  Which  the  Cohler  of  Agawa7n,  before 
he  Canonized  Pumpion,  was  not  so  Simple  but 
understood  full  well. 

Secondly,  That  Credit 2:)ass^d  in  Fund,  hy  Book, 
&  Bills,  {as  afore)  will  fully  supply  the  defect 
of  Money.  Wherein  is  related,  of  how  little 
value  Coin,  as  the  Measure  of  Trade,  need  he,  in  it 
self;  what  Inconveniences  subject  to.  The  worth 
a  Y\m^-Bill,  or  Payment  therein,  isof:&  not  of 
that  Hazard. 

Although  Cash  be  so  usef  ull ;  yet  it  is  but  a  ready 
conveniency.  Which  hath,  through  mistake,  its 
esteem,  not  from  the  use,  (which  it  ought)  but  In- 
trinsic value :  which  is  not  essential  to  a  thing, 
meerly  good  for  Exchange ;  and  serving  barely  [6] 
to  procure  what  One  wants,  that  another  abounds 
with :  and  again,  to  fetch  for  the  last,  what  he 
standeth  in  need  of,  where  to  be  spared.  And  this 
(except  here  were  Mines,  to  transport  hullion,  for 
foreign  Trade)  Bank-bills,  or  payments  therein,  will 
effect,  to  all  Intents,  as  well  as  plenty  of  Coin ; 
which,  as  money,  doth  neither  Feed,  nor  Cloath. 
Moreover,  Treasure,  not  onely  allures  an  Enemy, 
and  is  covetously  hoarded  up  ;  &  so,  like  dung  in  a 
heap,  unprofitable  :  but  is  also  subject  to  wear  adid- 
teratincj,  {fires,  robberies,  7nistakes,  &  the  like  con- 
tingencies; which,  payments  in  this  Bank,  or  bills 
issued  thence,  are  free  from  :    having  a  Fund,  or 


8  CURRENCY   FOR  THE 

Deposit  in  Land ;  real,  dureable,  &  of  secure  value. 
And  for  the  Change-hUls,  they  may  be  so  contrived, 
as  to  be  passed  with  facility  ;  and  without  counter- 
feitinof.  However,  so  as  to  prevent ;  or  find  out, 
any  Cheat :  if  the  Rules  of  them  be  observed. 

The  other  two  Sections  of  the  Proijosal,  must 
be  pass'd  to  the  2d.  Sheet,  iJarj.  9.  It  being  need- 
ful to  make  a  Digression,  to  give  an  account  of  the 
publishing  this  undertaking  sooner,  than  intended. 
In  the  year  74.  divers  well-wishers  to  the  Fund,  did 
think  it  fit,  to  have  a  Narrative  of  it  Printed.  In 
order  whereunto,  something  was  done,  in  the  Method 
before ;  %.  e.  the  occasion  of  the  Subject ;  and  then, 
the  2^roceedi7igs  thereon,  to  that  time :  but  particu- 
lar business  did  interpose.  In  the  year  78.  the  au- 
thor was  importuned  to  the  same  thing  :  which  had 
been  done,  but  that  after-thoughts  brought  him  to 
consider,  that  so  much  having  been  agitated  in  Pub- 
lique,  about  it ;  and  the  probation  it  had  by  the 
Referrees,  and  honoured  Council,  as  to  the  TJieory 
thereof;  the  Press  would  hardly  print  it  into  the 
pr actio  part :  and  that  the  onely  way  was  to  set  it 
on  foot.  For,  as  Good  Wine  needs  no  hush ;  so  it 
was  presumed,  that  if  this  were  but  in  use,  the 
Flavour  thereof  would  invite  enou'  to,  and  continue 
them  at  it.  Which  to  accomplish,  (having  by  acci- 
dent, some  respit  time  this  year  1681.  and  accomo- 
dated Avith  Spirit,  Purse,  &  Hand ;  the  ingredients 
that  must  center,  as  in  one,  for  any  considerable 
undertaking)  He  did  in  Sep'l^Jltember,  begin  to 
pass  forth  Bills,  to  make  an  Experiment  of  that 


MASSACHUSETTS   BAY  9 

which  had  passed  the  Scrutiny  of  above  30.  years, 
with  approbation ;  and  had  rational  Grounds  to 
conclude,  that  it  would  work  it  self  up  into  Credit, 
with  discreet  men :  because  Lifrest  will  not  Lie. 
In  6  moneths,  a  considerable  number  espoused  the 
Designe  ;  besides  those  that  were  concerned,  in  the 
years.  Seventy  on^,  &  Seventy  two.  Whereupon,  it 
became  as  a  Galley  Jioating  iq^on  the  stream  of  ojnn- 
ion,  into  which  He,  &  He  would  thrust  an  oar. 
And  some  that  favoured  not  the  Designe,  did  talk 
to  the  discountenance  of  it:  and  wanting  weighty 
obiections,  let  fiy  broadsides  of  Pot-gun-pellets, 
chained  with  Fallacies  &  huffoonry,  to  impede  this 
undertaking.  Upon  this,  several,  now  engaged, 
think  it  not  fit  to  be  longer  silent :  but  urge  the 
hastening  an  account  of  the  Designe;  that  the 
Reality,  Safety,  and  Benefit  thereof,  may  appear  to 
all  prudent,  and  unprejudic'd  men.  And  this  shall 
be  endeavoured,  as  time  wdll  permit ;  though  not  in 
the  mode  first  intended :  Which  was,  to  place  all 
the  Rules  relating  to  the  Fund,  at  the  end  of  the 
Narrative ;  and  then  the  Debates  that  are  carried 
on,  concerning  Commerce.  Which  will  now  fall  in 
mixt  and  this  Sheet  be  closed  with  some  Rules,  most 
needful  to  be  first  known,  for  the  directing  those  in 
Company,  in  their  motion.  The  manner  of  erecting 
the  Fund,  which  was  MarcJi  30.  71.  and  the  carry- 
ing it  on  in  private,  for  many  moneths;  and  the 
reason  of  putting  a  stop  to  it,  when  hills  were  just 
to  be  issued  forth,  together  with  the  Preamble  of 
the  Rules,  &c.  They  may  come  in,  in  due  place 


10  CURRENCY   FOR  THE 

Payments  on  Change-bills. 

Tliat  the  Acceptor,  loho  gives  Credit  to  any 
Change-hlU,  First,  he  assured  that  the  Producer 
thereof,  he  the  Person  named  in  said  hill,  or  sent 
hy  his  Order.  Secondly,  That  he  Enter  on  said 
hill,  1.  the  Time.  2.  his  own  Name.  3.  the 
Value  he  payes.  Wliich,  if  it  he  the  first  Charge, 
then  also  to  write  the  Sum,  in  words,  ahove  the 
columne :  If  not,  then  to  cast  up  the  Toted :  lohich 
is  to  he  done  at  every  additional  Article,  &  the 
hill  to  he  delivered  hack  again.  Thirdly,  If  he 
pay  the  complement  of  any  hill,  to  take  it  in. 

[8]  Entries  in  the  Creditors  Leger. 

First,  the  Acceptor  must  erect  an  Accompt  in  his 
Leger,  thus.  The  Fund  at  Boston  in  N.  E.  Debitor. 
Contra,  Creditor. 

Secondly,  Enter,  1.  the  Time,  as  in  the  former 
Ride.  2.  thus,  To  Change-bill  of  J.  E.  adding 
thereto,  the  number  of  the  bill,  &  the  Sum  deliv- 
ered. And  if  it  be  in  full  of  the  bill,  Then  to 
write  underneath  the  Entry,  N.  B.  This  bill 
taken  in.  Thirdly,  when  he  hath  an  Account  in 
the  Office,  he  is  to  write  thus,  N.  My  Accompt  in 
the  Fund  Leger,  fol.  — 

Entries  in  the  Fund-hooks. 

When  the  Acceptor  hath  given  Credit  to  the  value 
of  five  pounds,  or  more  :  He  may  pass  the  Fund 
Debit  into  the  Office,  &  have  Credit  in  his  Account 


MASSACHUSETTS  BAY  11 

there,  as  an  Acceptor :  giving  in  an  Account,  as 
Mitred  in  his  Leger,  with  the  Change-hills  taken 
up  hy  him,  &  underwritten  thus,  Place  to  my  Credit 
in  Fund,fol. — the  Sum  of  —  being  for  the  forego- 
ing Payments. 

To  H.  S.  Per  J.  N.  with  the  Date. 

Pass-bill  Forms. 

If  one  ¥\mAov  passeth  Credit  to  another,  it  ought 
to  he  hy  a  Pass-hill,  thus.  Place  of  my  Credit  in 
Fund,  fol.  —  to  Account  of  D.  J.  the  Sum  of  — 
Directed,  &  Signed,  as  ahove  expressed. 

If  the  Drawer  desire  a  Change-hill,  for  Pocket- 
Fxjoence,  Then  thus,  Charge  my  accompt,  fol.  — 
Debtor,  five  pounds,  for  2  Change-bill,  now  received, 
Number,  —  Fund-credit,  not  to  be  strained;  nor 
passed,  but  among  Fundors. 

TJiat  no  Acceptor  give,  nor  Depositor  take  more 
Fund-crec?i^,  than  they  see  their  way  how  to  Re- 
ceive, or  Pay  the  same  again,  among  those  in  Com- 
pany with  them :  nor  Deal  in  said  Credit  with  any, 
hut  those  Ented  in  the  ¥\mArRowl ;  which  all  con- 
cerned may  take  a  copie  of.  N.  This  Ride  to  he 
of  force  hut  until  persons  see  it  to  he  their  Interest, 
to  accept  Fund-^ay :  and  the  Credit  thereof  pass, 
vnthout  hazard  of  any  prejudicing  the  same', 
through  willfulness,  or  ignorance. 

To  return,  at  length,  to  the  projwsal,  left  off 
pag.  6.  [     ]  15. 

Thirdly, 


12  CURRENCY  FOR  THE  MASSACHUSETTS  BAY 

[Tlie  only  copy  of  tliis  pamphlet  of  which  we  have  any  know- 
ledge is  the  t)iu'  in  the  Watkinson  Library,  Hartford,  Conn.  It 
was  described  by  the  late  J.  Hanuuond 'rrinnbuU  in  the  Council 
Report  of  the  American  Anticpiarian  Society,  October,  1884. 
This  report  was  se})arately  published  under  title  of  "  First  Es- 
says at  Banking  in  New  England."  Mr.  Trumbull  recognizes 
the  handwn-iting  which  can  be  seen  upon  the  facsimile  as  that  of 
Thomas  Prince.  From  this  memorandum  we  learn  that  the 
date  of  publication  was  1681,  and  the  imprint  was  that  of 
Samuel  Green.  It  may  be  inferred  that  the  copy  was  at  some 
time  in  the  Prince  Library.  Mr.  Trumbull  is  able  from  internal 
evidence  to  determine  the  date  of  publication  more  specifically 
as  March  1681,  82,  and  the  author  as  Rev.  John  Woodbridge 
of  Newbury.  The  copy  is  incomplete.  Mr.  Trumbull  says  : 
"  It  contains,  on  a  single  sheet  in  pot-quarto,  the  first  eight  pages 
of  the  tract,  and  is  without  a  separate  title-leaf  or  imprint."  I 
am  indebted  to  the  courtesy  of  the  Watkinson  Library  for  the 
copy  of  the  pamphlet  and  the  facsimile  of  the  first  page.] 


(I) 


Some  Considerations   on  the   BILLS 

CREDIT 

Now  passing  in  NEW-ENGLAND. 
Addressed  unto  the  Worshipful, 

JOHN    PHILIPS  "^^= 

Published  for  the  Information  of  the 
INHABITANTS. 

Mr.  Treasurer, 

I  Am  told,  and  am  apt  to  believe  it,  That  the  Ex- 
chequer in  Silver  Runs  very  Low ;  Nor  can  / 
think  that  the  Country  in  General  is  much  bet- 
ter furnished.  'Twas  an  honest  and  good  method 
you  took,  to  pay  by  Bonds  what  you  could  not  by 
Ready  [2]  Cash.  I  therefore  cannot  a  little  won- 
der at  the  great  indiscretion  of  our  Countrymen  who 
Refuse  to  accept  that,  which  they  call  Paper-mony, 
as  pay  of  equal  value  with  the  best  Spanish  Silver. 


14  CURRENCY   FOR  THE 

What  ?  is  the  word  Paper  a  scandal  to  them  ?  Is 
a  Bond  or  Bill-of-Exchange  for  1000  1,  other 
than  Paper  ?  and  yet  is  it  not  as  vahiable  as  so  much 
Silver  or  Gold,  supposing  the  Security  of  Payment 
be  suificient?  Now  what  is  the  Security  of  your 
Paper-mony  less  then  the  Credit  of  the  lohole 
Country.  If  the  Countries  Debts  must  be  paid  (as 
I  believe  they  must,  and  I  am  sure  in  justice  they 
ought)  whatever  change  of  Government  shall  come, 
then  the  Country  must  make  good  the  Credit,  or 
more  Taxes  must  be  still  Raised,  till  the  publick 
Debts  be  Answered.  I  say,  the  Country,  and  not 
the  Gentlemen  who  Administer  the  Government, 
who  are  but  the  Countries  Agents  in  this  Affair. 
All  the  Inhabitants  of  the  Land,  taken  as  one  Body 
are  the  Principals,  who  Reap  the  Benefits,  and  must 
bear  the  Burdens,  and  are  the  Security  in  their 
Publick  Bonds.  What  do  the  Gentlemen  get,  but 
their  labour  for  their  pains,  and  perhaps  not  a  little 
Obloquie  into  the  bargain  ?  can  all  their  Estates 
(with  all  their  Gahis,  if  there  were  any)  bear  the 
charge  of  Government  for  the  whole  land  ?  no,  no, 
it  cannot  be  supposed.  If  any  murmur  at  [3]  their 
management  as  ill,  and  that  they  have  needlesly 
drawn  the  Charges  upon  us  ;  pray  tell  them,  as  long 
as  they  enjoy  the  Choice  of  Administrators,  they 
must  hear  what's  past,  and  right  themselves  for  the 
future,  by  chusing  better  next,  if  they  Know  where 
to  find  them.  So  Merchants  do  with  their  Factors, 
and  'tis  their  only  Remedy. 

You  know  Sir  you  and  /  have  had  some  former 


'fl 


snic  L.C 


O  F 


■s\^ 


v 


.^-Jdrefredunto  the' AVbrlhipfuIy' 

-'  ^'-'li.licd  for  the  Information  of  tbe 

.      INHABITANTS/     ''^ 

J/ 

^■n  ■  tol^v-  and  am  '  2pt  to  beTicvc  if-^v^f 
^  '"'?!t  the'  fc'xdIicqucT  in  Silver  Runsve^  "  -• 
jv  Low  •  Vicsxi- Qz^i   I  think-thar'tticr-^ 
/  'fy  inGcneral  is  iV.ncli  ^cuerfutniffecd^  ■    - 

■  '|;/y  Dy  i?^/;^/  yy]^ac  yoi:  couM  not  bfJ^sa^  ' 


MASSACHUSETTS  BAY  15 

Discourse  about  the  Nature  of  Mony  That  (as  such) 
it  is  but  a  Countei^  or  Measure  of  mens  Proprieties, 
and  Instituted  mean  of  permutation.  As  metal  in- 
deed it  is  a  commodity,  Like  all  other  things,  that 
are  Merchantable.  But  as  Mony  it  is  no  more  than 
what  was  said.  And  had  it's  Original  from  a  gen- 
eral ignorance  of  Writing  and  Arithmetick;  But 
now  these  Arts  being  commonly  known  may  well 
Discharge  mony  from  the  conceited  Necessity  thereof 
in  Humane  Traffick.  Is  not  Discount  in  Accounts 
current  good  pay  ?  Do  not  Bills  Transmit  to  Re- 
mote Parts,  vast  summs  without  the  intervention  of 
Silver  ?  Are  not  Taxes  paid  and  received  by  mutual 
Credit  between  the  Government  and  the  People,  The 
Government  requiring  the  Country  to  give  them 
Credit  where-with  to  pay  the  Countries  Debts,  and 
then  again  receive  the  same  Credit  of  the  Country  as 
good  pay  ?  'Tis  strange  that  in  the  mean-[4] while 
between  the  Governments  paying  the  People,  and  the 
Peo2)les  paying  the  Government :  The  Governments 
(or  rather  the  Countries)  Bills  should  not  pass  be- 
tween 3Ia7i  and  Man.  'Tis  strange  that  one  Gentle- 
mans  Bills  at  Port-Royal  for  divers  years,  and  that 
among  Forreigners ;  or  another  Gentlemans  Bills  in 
the  Western  Parts  for  as  many  or  more  years  should 
gain  so  much  Credit  as  to  be  current  pay,  among  the 
Traders  in  those  places ;  yea,  that  the  Bill  (as  /  have 
heard)  of  any  one  Magistrate  in  the  Western  Eng- 
lish Plantation,  shall  buy  any  Commodities  of  any 
of  the  Planters  ;  and  yet  our  peoj^le  (in  this  pure 
air)  be  so  sottish  as  to  deny  Credit  to  the  Govern- 


16  CURRENCY  FOR  THE 

uieut,  when  'tis  of  their  own  Chusing  :  Had  the 
s'nu/h'  Gentlemen  (above  named)  a  good  bottom  for 
their  Credit  in  their  Ware-houses,  and  are  not  the 
whole  Estates  of  the  Massachusets  as  good  ?  Is 
the  Security  of  one  Plantation  -  Magistrate,  better 
than  that  of  All  the  Massachusets  llei^resentatwes  ? 
can  that  one  Magistrate  give  force  to  the  Contracts, 
and  cannot  All  our  Government  do  the  same. 

Certainly  Sir  were  not  peoples  Heads  Idly  be- 
whizled  with  Conceits  that  we  have  no  Magistrates, 
no  Government,  And  by  Consequence  that  we  have 
no  Security  for  any  thing,  which  we  call  our  own  (a 
Conse-\_5]quence  they  will  be  Loth  to  allow,  though 
they  cannot  help  it.  If  once  we  are  Reduced  to  Hobs 
his  state  of  Nature,  which  (says  he)  is  a  state  of 
War,  and  then  the  strongest  must  sake  all)  I  say  if 
such  foolish  conceits  were  not  Entertained,  there 
would  not  be  the  least  Scruple  in  accepting  your 
Bills  as  Currant  Pay. 

If  you  should  require  the  Country  to  pay  their 
Taxes  in  Silver,  that  so  you  might  be  enabled  to 
bear  the  charges  of  the  Government  by  Silver,  when 
such  quantity  of  it  as  is  needful  for  that  purpose 
cannot  be  had  in  the  Country,  or  at  least  not  in  any 
proportion  to  be  procured,  unless  men  (according  to 
the  Proverb)  should  Buy  Gold  too  Dear,  and  so 
Ruinously  undervalue  the  fruits  of  their  Labours  : 
and  their  Lands.  This  were  to  require  men  to  Make 
Bricks  without  Straw. 

If  you  Require  the  Taxes  in  Corn  at  an  overvalue, 
with  I  know  not  what  Abatements  if  they  bring  in 


JVIASSACHUSETTS  BAY  17 

Mony ;  which  is  to  set  up  (in  my  Understanding)  a 
Measure,  and  a  Measure  (a  thing  which  Cod  allows 
not)  And  then  if  the  Government  pay  the  charges 
of  Conveyance  from  Remoter-parts,  and  bear  all 
Damasres  afterwards,  what  will  it  amount  to  when 
all  Charges  and  Damages  are  allowed  ;  perhaps  scarce 
two  shilhngs  to  the  Government,  of  five  shillings 
from  the  Country  ;  and  then  when  [6]  will  the  pub- 
lick  Debts  be  paid  ?  or  when  will  be  an  end  of  Tax- 
ing ?  Certainly  (what-ever  were  intended  by  the 
Proposers  of  this  way  of  Tax)  the  Tendency  of  it 
is  only  to  render  the  Government  odious  by  a  great 
noise  of  Taxes,  when  little  comes  thereby  ;  a  great 
cry  of  Hog-sheering,  when  there  is  no  Wool. 

If  neither  Silver  can  be  had,  nor  Corn  brought 
in  without  loss  both  to  the  Government  and  People, 
what  remains  but  Accounts,  Bills,  or  such  like 
Paper-pay  ?  and  certainly  this  necessity  may  (if  / 
mistake  not)  bring  to  the  whole  Country  no  small 
advantage ;  for 

1.  Is  there  not  hereby  40,000  1  Running  Cash 
in  the  Country  more  than  ever  was,  if  mens  folly 
hinder  not  its  Currency  ?  yea  and  more  than  they 
are  ever  like  to  have,  so  long  as  they  cannot  Keep 
Silver  in  the  Country,  which  they  will  never  do 
while  the  European  Trade  continues,  and  that  is 
like  to  be  as  long  as  we  are  a  people.  Silver  in 
New-England  is  like  the  water  of  a  swift  Running 
River,  always  coming,  and  as  fast  going  away ;  one 
(in  its  passage)  dips  a  Bucket-full,  another  a  Dish 
or  Cup-full   for  his  occasions;   but   if  the  Influx 


18  CURRENCY  FOR  THE 

of  ])lato  from  the  West-Indies  be  stopt  but  for  a 
little  while,  ami  the  Efjiiix  in  Returns  for  England 
continue  will  not  the  Mill-pond  be  quickly  drained, 
[7]  so  as  neither  Bucket  nor  Cup  can  dip  its  fill  ? 
Whereas  on  the  contrary, 

2.  This  our  Runnimj  Cash  is  an  abiding  Cash  : 
for  no  man  will  carry  it  to  another  Country,  where 
it  will  not  pass ;  but  rather  use  it  here,  where  it 
w411  (or  at  least)  ought :  and  then  only  the  Growths 
of  the  Country  will  be  carried  off,  and  that  will  be 
no  Damage  but  rather  an  Advantage  to  us. 

3.  If  this  be  made  Currant,  the  Credit  of  the 
Colony  will  rise  to  the  utmost  height  of  it's  ability 
on  all  Extraordinary  Emergencies;  whereas  other- 
wise you  may  be  quickly  Distressed ;  for  if  the 
Soldiers  cannot  put  off  their  Pay  to  Supply  their 
necessities,  who  will  hereafter  serve  the  Country  in 
their  greatest  Dangers,  and  if  the  Merchants  cannot 
Buy  as  well  as  Sell  for  Credit,  how  shall  they  carry 
on  their  Trades?  and  how  shall  they'l  end  upon 
great  occassions  if  the  Countries  Bill  lie  dead  on 
their  hands  ?  surely  they'l  no  more  trust  the  Coun- 
try, whatever  suddain  need  we  should  have,  unless 
on  the  bare-consideration  of  their  own  Security. 

There  is  indeed  a  way  found  out  by  poor  mens 
Necessities  to  make  the  Bills  passant :  namely  by 
Selling  them  at  Under-rates.  Thus  the  poor  Sol- 
dier is  horribly  injured,  who  have  adventured  their 
Lives  in  the  publick  Service,  and  the  Government 
made  contemptible  as  not  worthy  to  be  trusted.  I 
remember  many  years  since,  there  was  such  [8]  a 


MASSACHUSETTS  BAY  19 

prank  plaid  in  England  and  Ireland  after  the  War. 
Some  bought  up  the  Soldiers  Dehenters  at  very- 
low  Rates,  and  then  with  half  Dehenters  and  half 
Mony  purchased  great  Estates  in  Kings  and  Bishops 
Lands,  (a  fine  Trade  they  made  of  it  if  it  had  held) 
but  God  shook  his  Lap  at  this  dishonest  and  inter- 
loping gain  ;  and  a  great  unexpected  Revolution 
made  them  lose  both  their  Lands  and  Mony.  Thus 
the  woman  shook  her  Dog  by  the  Collar,  till  she 
made  him  Disgorge  again  all  her  Puddinge. 

A  better  way  (in  my  opinion)  to  make  the  Credit 
passable  without  Interruption,  is 

1.  To  Raise  the  Rates  of  those  above  the  com- 
mon Standard,  whom  you  catch  Tardy  in  Debas- 
ing the  Credit  of  your  bills  either  by  purchasing 
them  with  little  mony;  or  selling  commodities  for 
them  at  Excessive  dearer  Rates. 

2.  Let  all  refusers  to  receive  them  have  forth- 
with their  Taxes  demanded  in  Silver,  nor  let  them 
have  the  benefit  of  paying  the7n,  who  will  not  also 
Receive  them.  And  in  like  manner  several  such,  as 
shall  at  any  time  reproach  them  as  a  Grand  Cheat. 
Who  is  it  but  the?/,  that  makes  'em  so. 

3.  What  if  the  General  Court  Declare  by  a 
Law,  that  if  any  man  tender  these  Bills  for  pay- 
ment of  his  Debts  to  be  accepted  at  their  full  value, 
which  the  Country  has  put  upon  [9]  them  ;  If  any 
private  person  will  not  receive  them  so,  That  then 
the  Government  will  not  concern  themselves  for  the 
recovery  of  those  Debts,  till  all  the  Publick  Debts 
are  discharged.     It  is  a  known  Maxim  of  Law  in 


20  CURRENCY  FOR  THE 

England  (and  I  think  in  all  other  Conn  try  s)  that  of 
Debts,  The  Kings  must  he  first  jJCiid.  And  great 
reason  for  it ;  for  why  shall  the  Government  secure 
others  Debts  by  Law  ;  and  not  their  own  ?  now  if 
these  refusers  stay  for  their  Debts  tiU  the  Country 
be  first  serv'd  they  may  stay  till  they  are  weary. 
And  if  hereafter  they  resolve  to  make  no  more 
Debts  (for  fear  of  this  Law)  I  believe  their  Trading 
will  be  very  didl.  Whereas  (on  the  Contrary)  if 
they  shall  accept  the  Bills,  'tis  probable  their  Debts 
will  come  in  apace ;  their  Trading  will  revive,  and 
the  Countries  Credit  become  Currant. 

To  Conclude  \Fas  est  et  ah  Hoste  Doceri]  The 
French  (I  hear)  at  Canada  pass  such  Paper  mony 
without  the  least  scruple ;  whereby  the  Government 
is  greatly  Fortified,  since  they  can  at  all  times  make 
what  they  need.  Now  if  we  account  our  selves  to 
Transcend  the  French  in  Courage  'T  is  a  shame  for 
us  to  come  so  far  short  of  them  in  Wit  and  Under- 
standing. 

These  are  my  present  thoughts,  which  you  may 
communicate  as  you  see  cause ;  meanwhile  please  to 
accept  them  as  Really  intended  for  the  Public  good. 
By  A  well  wisher  to  New-England  &  your  Humble 
Servant,  &c. 

[This  pamphlet  is  to  be  found  in  the  Boston  Athenaeum.  It 
is  described  by  the  late  J.  Hammond  Trumbull  in  the  Council 
Report  of  the  American  Antiquarian  Society,  October,  1884, 
and  its  authorship  is  attributed  by  him  to  Cotton  Mather.  It 
had  neither  separate  title-page  nor  imprint,  but  it  was  issued  in 
connection  with  another  pamphlet  entitled  "  Some  Additional 


MASSACHUSETTS  BAY  21 

Considerations  Addressed  unto  the  Worshipful  Elisha  Hutchin- 
son, Esq.  By  a  Gentleman  that  had  not  seen  the  foregoing  Let- 
ter," the  pagination  of  the  two  being  continuous.  The  imprint 
of  the  second,  in  colophon,  is  "  Boston,  Printed  by  Benjamin 
Harris,  and  John  Allen :  And  are  to  be  Sold  at  the  London 
Cofifee  House.     1691." 

The  combined  pamplilet  is  described  as  a  12mo,  23  pp.  The 
Considerations  occupy  nine  pages.  The  facsimile  of  the  first 
page  and  the  copy  were  obtained  through  the  courtesy  of  the 
Boston  Athenaeum.] 


(") 

Some  Additional  Considerations  Addressed  unto 
the  Worshipful 

ELISHA  HUTCHINSON,  Esq. 

By  a  Gentleman  that  had  not  seen  the  foregoing 
Letter. 

Sir, 

1.  TJ'  is  manifest,  the  Country  is  plunged  into 
X  Circumstances  that  require  heavy  Taxes  to 
preserve  us  from  ruines,  that  would  be  thousands  of 
thousands  of  Pounds  heavier  than  our  most  heavy 
Taxes ;  without  great  Charges  it  is  impossible  to 
pay  the  just  wages  of  them  that  have  bin  in  the 
Pubhck  Service ;  to  defraud  whom  would  not  only 
be  an  Im'prudence^  which  must  in  a  little  time  leave 
us  without  all  defence,  but  also  an  Injustice  that 
would  cry  in  the  Ears  of  the  Lord  of  Hosts.  Be- 
sides there  is  a  necessity  of  great  Uxj^ences  to  For- 
tifie  our  selves  against  the  Inrodes  of  Enemies,  we  at 
this  day  have  ground  to  expect,  and  ought  to  be 
prepared  for. 

2.  For  any  to  Grumble  at  the  Raising  needful 
Taxes  to  defray  our  publick  charges,  [12]  is  a  piece 
of  unreasonable  and  abominable  Baseness  ;  and  it  is 
a 'scandal  to  New-England  that  ever  it  should  be 
found  among  us.     What  would  these  Complainers 


24  CURRENCY   FOR  THE 

Have  ?  would  they  have  no  Puhlick  Charges  at  all 
det'iayd  ?  This  would  be  immediately  not  only  to 
dissolve  all  Govcrninent  but  all  Society.  Or  would 
they  have  such  Publick  Charg-es  born  by  voluntary 
Contribution  of  the  Inhabitants  :  This  would  not 
do  the  Tenth  j^cirt  of  what  must  bee  done  to  prevent 
our  perishing  ;  &  besides,  it  would  lay  the  burden 
upon  those  that  are  the  most  WiUimj,  but  not  the 
most  able  to  Provide  for  the  common  Safety.  More- 
over, it  is  to  be  remembered,  that  nothing  is  levied 
on  this  People  but  by  their  oivn  Consent  in  a  Gen- 
eral Assembly.  And  they  deserve  not  the  name  of 
English-men,  that  are  not  more  ready,  and  count 
it  not  more  easie,  to  part  with  a  jioimcl  in  this  way, 
than  a  penny  in  the  former  Arbitrary  Mode.  Or 
is  it  from  Covetonsness  ?  a  sin  which  too  much 
prevails  in  '^ew-England :  The  Scripture  calls  it 
Idolatry  ;  and  we  may  also  call  it  the  worst  ill 
Hushandry,  it  witholds  that  from  our  necessary 
defence,  that  will  add  to  an  Enemies  triumi^h  in  our 
shameful  misery ;  as  Constantinople,  who  refusing 
to  pay  the  charge  of  a  Watch  on  their  Walls,  were 
themselves  and  their  wealth  made  a  prey  to  the 
Turks.  If  any  plead  we  [J 3]  have  no  Government, 
and  so  have  no  power  to  raise  mo7iy  ;  pray,  let  them 
call  to  mind,  that  all  the  Subsidies  now  raised  in 
England  are  by  an  Assembly  chosen  by  Corpora- 
tions no  otherwise  restored  than  ours.  And  is  it 
indeed  any  thing  less  than  a  Treason  against  the 
Crown  of  England,  for  any  to  intimate,  that  we 
have  no   Government  for,  and  so,   no  Protection 


f  n 


/#/'^ 


gojns  Additional  Goniiderations  Addreflcd 
unco  the  V/oilhipful 

,£  LISH^     HVTCHINSQA\  -.Erq, '. 

.By  a  Gentleman  that  bnd  net  Tec  n  the 
:fore£oing  Lct:er> 


I 

.;i.  1'/^  is  manifen-,  the  Co^intry  isi^iungcd 
I    mKo  Circe- niltp.r.ces  ch?.L  rtquirc  he<i- 
M.  vyJiixss  tc  prefer vc  r.s  from  luincs^ 
I  t'iiat  would  be  thoiifands   of  thonfands   ci' 
.Poandc.  heaz-ier  then  our  mofl   h?nvy  •T^^v« 
I  «;  vjtlioiiti^reci:  Ghnrgss  it  is  impolTib  c 
•to  pay  the  jult  irn^escX  riicm-that  Ivave^bin 
,ia  the  Pobhcl:  Service;  to  t'cfraud  -vv'hom 
•would  not  only  hz  cYv.  Itrtf-y.^cncp^  which 
T'afl  in  a  lit'.le  u:v,q.  leave  us  v-'iihsut  all 
.^ckr.ce^   bi!t  allV-  i=.r.  /'■j:'jhic  ih-it  wonid 
'.>try  jr.  (.he  Ears  of  wtzLcriof  Ht\(ls.     Bc- 
^!:!''s  ihsre  J-5  a  re-' cl:;:.y   cf  great   Erc^mrs 
j^fOF^rL!fi^  cur  llivcs  crarnli:   the   Inrcdes 
ff  Erc(n;e5,  we  r-c  rhh  rir.y  have  grourrd  to 
•2'^pci^,  sad  cni?y.L  to  b:  prep.?refi  f^r. 

a.  Far  finy   C3  c7^7/«i''e  iic  ibc  Uaif^rg 
-ecdfulTaiiicp  tc4cwciy  our  .piit'ick'Chargcs, 

is 


IVIASSACHUSETTS  BAY  25 

from,  that  Crown  ?  Or,  looks  it  not  very  sincerely, 
for  those  persons,  whose  Consciences  never  troubled 
them,  when  Taxes  were  Treasonably  Levied,  mth- 
out  any  Assembly  of  the  People,  now  to  pretend 
Conscience  for  not  paying  of  those  which  the  7?ody 
of  the  People  in  an  Assembly  have  judg'd  necessary 
to  support  their  Majesties  Interest  in  these  Terri- 
tories. 

3.  All  the  Taxes  hitherto  raised  have  bin  most 
advantageously  Employed.  Our  Present  Rulers, 
have  no  personal  benefit  by  them  ;  They  spend  their 
time  and  care,  and  are  at  cost  too,  for  the  Common 
Weal,  and  would  count  themselves  well  paid  for  all, 
in  the  Contentment,  of  the  people.  The  great  com- 
plaint is.  That  our  ventursome  Expedition  to  Can- 
ada hath  run  us  into  Debt.  It  should  be  Considered 
that  the  voice  of  the  I'^eoj^le  every  where  called  for 
it.  Our  Neighbours  in  the  West  made  us  believe 
they  would  lay  all  the  mischief  that  should  be  done 
by  the  French  at  our  doors,  if  we  did  [14]  not 
attempt  it :  such  Imjwrtimities  with  assurances  of 
aid  by  Land  did  first  engage  us  and  oblige  us.  Had 
the  West  not  failed  us  wee  had  certainly  bin  Masters 
of  Canada  and  then  our  Expedition  had  been  as 
much  ExtolVd  as  now  it  is  Despis'd  I  It  was  not 
thing  too  big  for  us,  for  notwithstanding  the  failure 
in  the  West,  and  the  delays  of  some  among  our 
selves,  till  the  Season  was  too  far  spent  for  any 
Great  Tiling  to  be  done ;  add  also  the  scantness  of 
our  Ammunition,  with  the  smalness  of  our  Army 
yet  the  missing  of  Queheck  is  hardly  accountable 


26  CURRENCY   FOR  THE 

to  rational  Satisfaction.  Besides,  the  French  had 
Assaulted  us  by  Land  before  ever  we  visited  them 
by  Sea  ;  and  that  short  visit  we  made  them,  we  are 
assured  has  preferr'd  our  Country  from  further  As- 
saults of  theirs  upon  us  Now  is  it  rational  to  think 
that  we  can  ever  have  a  settled  peace  while  Canada 
is  in  French  hands ;  if  there  should  be  a  Peace 
between  the  two  crowns,  we  may  fear  they  may,  as 
they  have  boasted  they  will  by  setting  their  Dogs 
(the  Indians)  upon  us  to  make  America  too  hot  for 
us.  Hence  also  the  reducing  of  it  unto  the  Fng- 
lish  Empire,  was  a  Design  wherein  was  manifest 
as  the  desire  of  our  own  future  Welfare,  so  of  doing 
the  greatest  Service  to  the  Crown  of  England,  The 
Design  seemed  to  be  as  weU  laid,  as  any  that  was  [J  5] 
undertaken  in  these  parts  of  the  World;  and  it 
had  been  dangerous  to  have  delayed  it  unto  another 
year ;  for  had  they  not  gone  with  the  Fleet  to  Can- 
ada, a  thousand  Boss-Loj^ers  had  been  upon  our 
Country  Towns  and  laid  them  waste  :  Prayers  and 
Eojyes  for  the  Good  Issue  of  that  Expedition,  met 
not  with  a  total  Disappointment ;  nor  do  we  yet  see 
the  lohole  Issue;  the  business  is  not  over  yet.  If 
Heaven  hath  frowned  on  us,  it  calls  us  to  Bewayl 
our  sin,  and  not  Increase  it  by  denying  the  payment 
of  Debts  this  way  contracted,  or  spending  our  fury 
on  any  that  were  active  in  this  Affair.  Tliat  were 
to  carry  it  not  like  Englishmen,  much  less  like 
Christians,  but  more  like  Turks  who  destroy  their 
best  Counsellors  for  the  wisest  Counsels,  where  they 
do  not  Succeed,     Let  men  beware  they  do  not  pro- 


MASSACHUSETTS  BAY  27 

voke  God  to  make  these  Canady  Enemies  as  fiery 
Seiyents  to  stiug  Murmurers  at  and  Despisers  of 
Divine  Providence. 

4.  Upon  the  Difficulties  and  Necessities  which 
the  Country  hath  been  brought  into,  a  better  way 
could  not  well  be  thought  upon,  than  the  BILLS  of 
CREDIT  now  passing  (or  that  should  be  so)  among 
us.  Silver  we  have  not  enough  in  the  Country  to 
do  which  must  he  done,  more  being  usually  Ex- 
ported than  is  I^nported.  And  why  may  we  not  do 
as  well  without  it,  as  other  Plantations  of  Ainerica  ? 
What  is  the  use  [16]  of  Coyned  Silver  1  but  to 
furniss  a  man  with  Credit,  that  he  may  obtain  from 
his  Neighbours  those  Commodities,  which  he  hath 
occasion  for  ?  The  Country  in  the  General  Court, 
have  Recognized  or  Acknowledged,  a  Debt  of  so 
many  thousand  pounds  unto  them  that  have  been 
the  Servants  of  the  Publick.  The  Credit  conveyed 
by  these  Bills  now  Circidates  from  one  hand  to  an- 
other as  mens  dealings  are,  until  the  Puhlick  Taxes 
call  for  it.  It  is  then  brought  in  to  the  Treasurers 
hands,  from  which  it  goes  not  out  again.  Now  the 
Conveniences  which  the  Servants  of  the  Publick, 
have  had  by  them,  have  honestly  paid  the  Countries 
Debts ;  and  what  could  coyned  Silver  have  done 
more  ?  Hence  it  follows,  that  for  any  to  Squeese, 
the  first  Receivers  of  these  Bills,  by  forcing  them 
to  abate  of  their  just  value  ;  and  then  for  them- 
selves to  bring  these  Bills  to  the  Publick  Treasury, 
where  they  are  better  than  ready  Silver,  is  a  crying 
Opresion.     When  any  persons  pay  their  Rates  to 


•28  CURRENCY  FOR  THE 

the  Constables  in  these  Bills,  they  do  in  a  manner 
say  Thei/  took  no  indirect  Advantage  to  get  them 
cheaj)cr  than  the//  are  of  Credit  for.  If  the  Gov- 
ernment can  find  ont  any  that  have  done  otherwise, 
they  onglit  to  advance  the  Rates  of  such  people 
to  procure  a  Reparation  to  them  that  have  been 
wronged  ;  It  will  speak  ill  for  New-England,  that 
[J 7]  poor  Soldiers  and  Seamen  should  be  cheated 
by  any  of  the  Inhabitants,  and  no  liestraint  put 
upon  them,  no  Redress  required  where  it  may  be 
done. 

5.  It  is  strange  to  think  that  New-Englanders, 
who  dwell  in  such  a  keen  air,  should  not  have  sharp- 
ness enough  to  perceive  the  prudence,  justice  and 
universal  benefit,  of  paying  and  saving  publick 
Charges,  by  these  Bills  of  Credit.  When  Canada 
shall  be  better  known  to  us,  we  shall  find.  It  is  a 
common  thing  for  the  Government  at  Quebeck  to 
pay  their  men  in  such  ways,  &  the  Inhabitants 
there  are  not  so  dishonest  as  to  cheat  the  needy 
persons  to  whom  the  Bills  were  first  given,  of  half 
the  worth  of  them  ;  yea,  there  are  no  men  of  busi" 
ness  through  the  world,  who  do  not  use  as  well  as 
knoio  the  way  of  dealing  by  Bills  of  Credit :  How 
many  Credible  Merchants  are  there,  whose  Bills  do 
Pass  as  ready  mony,  with  hundreds  of  Peojile  with 
whom  they  have  had  no  immediate  Concernment? 
And  shall  not  the  Government  of  this  Colony,  have 
much  Credit  with  a  people  that  choose  all,  and 
make  part  of  it  ?  Besides,  no  man  that  deals  but 
for  te7i  Pounds,  will  refuse  to  grant,  that  Discount 


MASSACHUSETTS  BAY  29 

m  Accounts  Currant  is  good  Payment.  All  these 
Bills  enable  people  to  Discount  with  the  Treasurer 
at  last ;  therefore  it  is  but  fair  and  just  they  should 
have  a  General  Circulation 

[J 8]  6.  The  more  sensible  part  of  mankind  have 
thought  Banks  of  Credit  on  many  Accounts  pre- 
ferable to  silver  in  their  Pockets  ;  it  is  so  in  Venice, 
Paris,  Leghorn  &  Amsterdam,  and  other  such 
trading  places.  We  shall  find  men  who  have  had 
store  of  mony,  have  carried  it  into  Banks,  from 
whence  they  have  taken  only  Bills  of  Credit,  with 
which  they  have  managed  all  their  businesses,  Bills 
being  less  Troublesome  &  Cumbersome,  then  Silver 
would  be ;  and  more  Safe.  What  hapned  at  Ven- 
ice is  very  memorable  :  That  State  had  occasion  for 
Two  Millions  of  Ducats,  accordingly  monys  were 
brought  into  the  Bank,  and  Bills  given  out  for  the 
same  value ;  such  was  the  usefulness  of  these  Bills 
that  they  would  not  afterwards  be  parted  with  for 
mony ;  and  the  Government  was  forced  unto  Con- 
trivances, to  limit  the  value  of  them.  If  we  as  well 
understood  our  interest,  these  Bills  would  in  a  little 
time  be  so  valuable,  that  men  would  Cheerfully  give 
Silver,  to  purchase  them  at  their  full  Credit.  'Tis 
true  ours  are  founded  on  the  acknowledgement 
which  the  Country  hath  made  of  their  being  so 
much  in  Debt,  and  their  Pesolution  of  raising  what 
is  owing.  Now  suppose,  that  Fund,  be  never  so 
Tottering,  it  is  a  sufficient  bottom  for  those  few 
Bills  which  there  hath  yet  bin  order  for  :  besides, 
these  have  some  advantages  which  Stampt  Silver 


30  CURRENCY  FOR  THE 

will  never  have;  They  are  [J 9]  so  well  Contrived, 
that  it  is  harder  to  Counterfeit  any  of  them,  then  to 
Counterfeit  any  Coyn  in  the  World.  And  though 
they  are  more  Portable  then  Coyn,  yet  they  will 
not  be  Exjmrted  out  of  the  Land ;  nor  will  they 
be  hoarded  up,  but  Inspire  our  whole  trade  with 
such  a  vigor  as  hitherto  hath  not  been  seen.  All 
men  must  own,  that  till  we  can  light  on  something 
Equivalent  to  Coyn,  that  may  B,un  amongst  us  in 
such  a  quantity  as  may  agree  with  our  AfPayrs,  and 
yet  not  Bleed  away  in  vast  summ's  by  every  Vessel 
that  goes  to  forreign  parts,  we  shall  always  have 
a  Consumption  upon  us,  In  short,  if  the  way  of 
dealing  with  these  Bills,  were  more  improved  and 
refined,  it  were  easie  to  propose  a  certain  method 
by  which  this  poor  Country  might  in  one  half  years 
time  be  Enriched  above  One  Hundred  Thousand 
Pound :  yea,  we  might  at  any  time  Command  halfe 
that  Summe  without  the  Tenth  Part  of  that  vexa- 
tion that  now  every  Country  Rate  occasions.  And 
let  it  be  considered,  whether  they  who  do  decry  our 
Bills  of  Credit,  do  sufficiently  weigh  the  desperate 
circumstances  of  the  Country.  We  are  surrounded 
with  Adversaries  :  if  we  cannot  find  store  of  men 
to  Expose  themselves  for  us  at  this  time,  no  man  in 
his  wits,  can  think  the  Country  can  stand :  these 
Men  must  have  mony  to  reward  and  support  them 
in  their  Services,  or  [20]  they  can  do  no  more :  but 
Silver  we  say  we  have  not ;  Credit  we  may  have, 
and  it  will  do  as  well,  if  by  this  Credit  we  permit 
our  Friends  to  Command  the  same  useful  things  as 


IHASSACHUSETTS  BAY  31 

if  they  liad  ready  Silver  in  their  hands.  If  the 
French  should  Prevail,  some  men  would  part  with 
Thousands  and  have  no  Bills  of  Credit  for  it ;  to 
make  ours  passable,  is  the  most  probable  visible 
means  to  prevent  it.  Hence  to  do  any  thing-  to 
render  those  Bills  Contemptible  and  Unjjassahle, 
is  in  Effect  to  leave  the  Country  without  all  man- 
ner of  Defence,  against  any  that  would  prey  upon 
us  ;  which  is  a  Moral  Madness  we  should  upon  no 
Terms  render  our  selves  guilty  of :  Whereas  if  these 
Bills  of  Credit  might  pass  with  full  Credit  among 
us,  we  might  with  Gods  Blessing,  be  able  to  En- 
counter greater  Difficulties  than  we  have  yet  met 
withal.  It  is  not  worth  while  to  take  notice  of  the 
foolish  Flout  of  some,  in  the  Name  they  put  upon 
these  Bills,  calling  them  Paper-mony ;  when  all 
know  that  a  Paper  signed  and  sealed  may  be  worth 
many  Pounds  of  Silver.  And  why  may  not  Paper- 
mony  be  as  good  as  Tohacco-mony ,  Potato-mony 
and  Sugar-inony  ?  yea,  do  not  our  Brethren  at  Con- 
necticut find,  Corn-mony  will  do  then-  business  for 
them  All  the  Difference  is,  that  some  English- 
People  in  America  know  how  to  make  a  Bargain 
with  what  they  Have^  for  what  they  Have  not\ 
which  [21]  it  is  time  for  New-England  to  Learn. 

7.  It  is  time  for  all  people  to  examine,  what  is 
that  which  clogs  the  passing  of  our  Bills.  It  is  the 
debasing  of  them,  so  that  tioenty  shillings  in  a  Bill 
can  scarce  find  Credit  for  fourteen  or  fifteen  shil- 
lings of  stamped  silver  :  But  wherein  is  the  Origi- 
nal of  this  ?     Is  it  in  the  Merchant  or  the  Trader  ? 


32  CURRENCY  FOR  THE 

surely  they  Nvho  have  lent  the  Country  some  Thou- 
sands of  Pounds,  much  of  it  in  ready  silver,  and  all 
of  it  without  Interest,  or  other  Gains  (that  an  un- 
thankful Neighbour  hood  have  reported  of  them  and 
reproached  them  with)  and  have  taken  their  whole 
Repayment  in  Bills  of  Credit,  they  should  be  will- 
ing to  keep  up  the  Credit  of  these  Bills.  Is  it  in 
the  Husbandman  ?  one  would  think  they  who  find 
it  so  hard  to  buy  Silver, ,  should  be  willing  with 
their  Provisions  to  buy  Credit,  that  may  be  as  good 
(and  in  some  cases  better)  to  them  than  ready  Cash. 
It  remains  then  that  all  should  joyn  to  mend  this 
great  error.  And  why  may  not  Boston  begin? 
whereever  were  the  first  fault,  it  seems,  possible  now 
for  Boston  to  Correct  the  whole.  It  is  supposed  the 
Government  will  be  resolute  in  Raising  what  hath 
been  granted  by  the  Country  this  year,  for  the  Pub- 
lick  Pates.  Many  Proposals  have  been  made  unto 
the  Government,  for  estabhshing  the  Credit  of  our 
Bills.  In  my  opinion,  they  need  only  [22]  to  do 
this;  Let  the  Publick  Pates  be  vigerously  Raised. 
These  Rates  will  in  one  years  time  fetch  back  all  the 
Bills  into  the  Treasurery,  where  they  will  be  can- 
celled. The  people  will  find  it  their  Advantage  then 
(common  sense  will  teach  them)  to  furnish  them- 
selves with  these  Bills ;  tho'  they  give  ready  Silver 
for  them,  they  will  find  they  thereby  save  a  Shilling 
in  a  Pound.  If  but  a  competent  number  of  men, 
who  Peal  much,  would  now  give  your  selves  the 
Trouble  of  Meeting,  to  Debate,  Agree,  Conclude, 
and  Engage  upon  giving  adjust  Peputation  to  our 


MASSACHUSETTS  BAY  33 

Bills,  The  whole  Country  must  and  will  joyn  with 
them  in  it.  And  if  they  will  further  give  them- 
selves the  Trouble  of  Publishing  to  the  Country, 
what  may  Rectifie  some  common  mistakes,  and  how 
willing  they  themselves  are  to  2^(iy  and  also  to  take 
Bills  at  a  due  price,  doubtless  it  would  much  pro- 
move  the  Cure  of  this  Distemper  among  us. 

Sir,  Toil  will  candidly  accept  of  these  Thoughts, 
from  one  who  counts  and  loves  New-England  as 
his  Country,  tho'  he  was  not  Born  and  Bred  in  it. 
The  Violations  of  Conscience  as  well  as  Policy 
among  us  in  the  Things  I  have  Discoursed  of, 
have  made  me  count  it  my  Duty  thus  to  answer 
your  Desire,  of  seeing  some  thoughts  upon  the  Sub- 
ject [23]  we  have  now  had  before  us.  You  see 
how  much  a  Desire  of  yours  is  a  Command,  on, 

Sir, 
Your  Servant,  &c. 

FINIS 


Boston,  Printed  by  Benjamin  Harris,  and  John 
Allen :  And  are  to  be  Sold  at  the  Loiidon- Coffee- 
House.     1691. 

[These  "Additional  Considerations"  fill  pages  11-23  in  a 
12mo  pamphlet  in  the  Athenaeum,  23  pages  in  length,  the  first 
9  pages  in  which  are  occupied  with  "  Some  Considerations  on 
the  Bills  of  Credit  &c."  The  authorship  of  "  Some  Additional 
Considerations  &c."  is  attributed  by  the  late  J.  Hammond 
Trumbull,  in  the  Council  Report  of  the  American  Antiquarian 


34    CURRENCY  FOR  THE  MASSACHUSETTS  BAY 

Society,  October,  1884,  to  Captain  Jolui  Blackwell.  The  im- 
print, at  the  ciul,  is  "  Boston,  Printed  by  Benjamin  Harris,  and 
John  AUon :  And  are  to  be  Sold  at  the  London-Coffee-House. 
1691." 

The  facsimile  of  page  11  was  obtained  through  the  courtesy 
of  tlie  Boston  Athenaeum ;  as  weU  as  the  copy  of  pages  11-16 
inclusive.  The  copy  of  pages  17-23  inclusive  was  obtained 
through  the  courtesy  of  the  Watkinson  Library,  Hartford.] 


A 

MODEL 

For  Erecting  a 

Banfe  of  Creliit; 

W  ITH   A 

DISCOURSE 

In  Explanation  thereof. 

Adapted    to  the  Use  of  any  Trading  Countrey, 
where  there  is  a  Scarcity  of   MONEYS: 

More  Especially  for  His  Majesties  Plantations  in 
AME  R  I  C  A. 

Quo  Communius  eo  Melius. 


LONDON:  Printed  in  the  Year,  1688. 
Reprinted  at  BOSTON m  New-England^  in 
the  Year,  1714. 


36  CURRENCY  FOR  THE 

The  Preface  to  the  READER. 

THE  difficulties,  which  the  Trade  of  this  Pro- 
vince labours  under,  by  reason  of  the  Scarcity  of 
Money,  having  rendred  it  necessary  that  some 
Expedient  be  found  out  to  supptly  that  Deficiency : 
A  Scheme  of  a  Bank  of  Credit  founded  upon  a 
Land  Security,  has  been  accordingly  projected; 
and  10 ill  be  humbly  offered  to  the  Consideration  of 
the  General  Assembly,  at  their  next  Sessio7i. 

Now,  in  as  much  as  things  of  this  Nature  (tho* 
recommended  in  Europe,  by  long  JExperioice  of 
their  general  Usefulness  and  Benefit,  to  the  Places 
where  they  are  Established)  yet  may  be  here  in 
hazard  of  not  meeting  with  that  Regard  and 
Encouragement  they  deserve,  for  want  of  a  due 
Information  concerning  them  :  And  there  having 
been  many  Years  since  Printed  in  London,  a  Pro- 
jection of  much  the  same  Nature  with  that  pre- 
pared here  ;  [thd'  not  so  Beneficial  to  the  Publick, 
or  on  so  Solid  a  Foundation,)  yet  setting  forth  in 
a  Plain  and  Familiar  way,  not  only  the  Nature, 
but  the  Feazibleness  and  Utility  of  such  a  Fund 
of  Credit ;  it  was  judg\l  Convenient  to  Re-print 
the  same  here,  that  so  all  Persons  might  have  an 
Opportunity  of  gaining  an  Insight  into  it :  It  being 
rationally  Concluded,  That  such  a  Bank  being 
made  to  appear  to  be  of  Necessity  to  us  in  our 
present  Circumstances,  and  of  great  and  general 
Benefit ;  there  is  no  Publick-sp)irited  Person  but 


For  Hrcding  a 

anfe  of  CreWt ; 

t^/fOv  I  T  H  A  ^^jy        . 

'  D  J  S  C  O  U  R  S  E 

In  Explanation  thereof. 

Adapted    to    the    Ufc    of    any    Trading 
Countrey,    where   there   is    a    Scarcicy 
ofMON  E  YS; 

■  More  Elpccially  for  His  Majeftie,-  'rirminiidr^^ 
^ ^     ,-,  jn  A  M  E  K  1 C  A-     '■  ' 

/^  '  '  ^^ 

"^^^^jCho  Ccrr.munius  ce  Me/ittr. 


10  NDO  N:    Prmted  in  the  Year,-  'r  <)  B'Sr 
Heprinced  ac  BOSTON  m  New- Jt.fi^^tio-    ' 
th?  Year/  1714,/ 


MASSACHUSETTS  BAY  37 

will  set  to  his  helping  Handy  to  Promote  the  Es- 
tablishment of  the  same. 

Gaston, 
Feb.  26. 171t: 


[J]  A  MODEL  for  Erecting  a  Bank  of  Credit  Lum- 
bard  and  Exchange  of  Moneys,  Founded  on  Lands, 
Goods,  and  Merchandizes :  To  be  undertaken  and 
managed  by  Persons  of  good  Reputation,  Prudence 
and  Estates,  in  a  voluntary  Partnershii^,  as  other 
Merchantly  Affairs  :  Adapted  for  the  Use  of  any 
Countrey,  or  Trading  part,  where  there  is  a  Scarcity 
of  Moneys;  and,  in  want  thereof,  they  are  con- 
strained to  Truck,  or  Barter  by  Commodities,  &c. 
wherein  is  Discoursed, 

1.  Some  things  hy  way  of  Premisey  touching 
Banks  in  General. 

2.  The  Definition  of  such  a  Bank. 

3.  The  Constitution. 

4.  The  necessary  Rules  to  he  observed. 

5.  The  2^(^^ticidar  Advantages  thereof  to  those 
that  shall  voluntarily  deal  with  such  a  Part- 
nership. 

6.  Some  of  the  most  material  and  pertinent  Que- 
ries and  Objections  thereto,  Resolved  and  An- 
sioered. 

7.  The  Conclusion  by  way  of  Animadversion^ 
upon  the  whole :  Briefly. 


38S16*?' 


38  CURRENCY  FOR  THE 

Of  the   First,   viz.  Some   things  j^f^f^'^sed  for 
Introduction,  touching  Banks  in  general. 

MOney,  whether  Gold  or  Silver,  is  but  a 
measure  of  the  value  of  other  things ;  yet 
hath,  for  a  long  Succession  of  Ages  (espe- 
cially in  the  Civilized  and  Trading  part  of  [2]  the 
World)  obtained  to  be  the  usual,  and  best  known 
means  of  Interchange. 

This  measure  and  way  of  Interchange,  was  origi- 
nally occasioned  by  the  experimented  inconveniences 
of  common  Barter  ;  in  which  way,  unless  both  the 
Parties  dealing,  have  Hke  occasion,  reciprocally,  of 
each  others  Commodities,  the  less  necessitous  Over- 
reaches the  greater,  by  imposing  the  price  of  both, 
to  his  own  advantage,  and  the  others  detriment, 
which  is  not  equal ;  nor  can  there  be  Equality  where 
there  is  no  common  Standard  between  them. 

But,  whether  the  Mines  fail,  or  Men  have  not  been 
so  fore-seeing  and  industrious  to  bring  in,  to  most 
Couutreys,  a  sufficiency  of  Money  or  Bullion,  where- 
with to  manage  their  increasing  Trades,  or,  that 
Traders  for  want  of  other  Returns,  have  been  neces- 
sitated, for  Balance  of  the  Surcharge  of  Goods  im- 
ported, to  remit  the  Coyns  of  some  Countreys  into 
others :  Or,  for  other  Causes  (not  necessary  on  this 
occasion  to  be  further  inquired  into)  tis  now  so  hard 
to  come  by,  in  some  places,  for  carrying  on  of  Trade, 
to  answer  the  vastness  of  Mens  attempts,  and  aims  of 
increase  in  Merchandize,  as  that  its  found,  in  many 
Countreys,  insufficient  in  this  Age  of  the  World: 


MASSACHUSETTS   BAY  39 

And  that  hath  put  divers  Persons  and  Countreys, 
upon  contrivances  how  to  supply  that  Deficiency,  by 
other  Mediums ;  some  of  which  have  happily  pitch'd 
upon  that  of  Banks,  Lumbards,  and  Exchange  of 
Moneys  by  Bills,  which  have  thriven  with  them. 

[3]  The  two  former  of  these,  viz.  Banks  and 
Lumbards,  have  been  set  on  foot  in  divers  Trading 
Countreys,  by  their  respective  PubHck  Undertak- 
ings, and  have  succeeded  to  their  abundant  Inrich- 
ing.  Perhaps  others  have  thought,  that  would  have 
occasion'd  the  overflowing  of  Moneys  amongst  them : 
Especially  if  they  raised  the  Values  of  Gold  &  Silver 
above  the  common  Standard ;  but  as  they  have  been 
mistaken,  or  their  Surfeit  of  Trade  hath  obscured 
the  visibility  of  it ;  and  protracted  more  rational 
Considerations  of  Redressing,  till  it  hath  proved  al- 
most Fatal,  to  the  impoverishing  of  their  Countreys : 
So  the  other  have  really  experimented,  that  their 
Banks  have  been,  as  well  with  other  Countries,  as 
amongst  themselves,  of  greater  Value  than  the  Spe- 
cies of  Gold  and  Silver :  And  yet,  such  Places  drain 
away  the  said  Species  from  the  other,  who  under 
those  mistaken  apprehensions  have  Courted  it,  as 
the  only  real  good  thing  for  a  Countrey. 

The  Third,  viz.  that  of  Exchange  of  Moneys,  hath 
been  for  the  most  part  managed  by  the  respective 
Merchants  of  all  places ;  who  in  their  particular 
Dealings  and  Correspondences  (fore-laying  Advan- 
tages to  themselves  thereby)  have  unaccountably 
controll'd  it,  and  vary  it  often,  in  each  Annual 
Revolution. 


40  CURRENCY   FOR  THE 

'Tis  not  to  be  doubted,  but  that  all  Three  of 
these  may  be  accommodated  &  improved,  to  the 
Publiek  Advantage  of  any  Countrey  :  Especially,  if 
managed  in  Partnership  by  Private  Hands,  being 
persons  of  known  Integrity,  Prudence  and  [4]  Es- 
tates: subjecting  the  annual  Profits  accruing  thereby 
to  the  answering  the  Injury,  damage,  or  loss,  by 
their  undertaking. 

The  best  Foundation  for  such  an  Attempt,  is,  that 
of  Real  and  Personal  Estates,  instead  of  the  Spe- 
cies of  Gold  and  Silver.  For,  as  a  Bank  of  Moneys 
is  liable  to  many  casualties  and  hazards ;  so,  the 
hoarding  up  of  Moneys  in  Banks,  necessitates  the 
taking  out  the  more  BiUs;  which  is  one  Malady 
this  Proposed  Bank  will  cure. 

We  shall  therefore,  at  present,  begin  with,  and 
principally  discourse  of  the  two  first  of  these :  viz. 
The  Bank  of  Credit,  as  it  may  be  rendred  suscepti- 
ble of  the  Second,  niz.  The  Lumbard,  conjunct :  ac- 
counting both  the  one  and  the  other  to  be  founded 
as  aforesaid,  viz.  On  lands  or  Real  Estates  mort- 
gaged, and  staple  durable  Goods,  and  Merchandises 
deposited:  such  as  any  Countreys  Products  and 
Manufactures  will  by  Art  and  Industry  produce 
and  furnish. 

Here  might  be  also  discours'd,  A  Lumbard  for 
the  Poor,  by  some  called,  Mons  Pietatis :  But  that's 
fitter  to  be  the  Handmaid  of  the  other ;  for,  'twill 
be  too  poor  to  encourage  an  undertaking  by  it  self, 
or  for  a  beginning :  Neither  will  there  be  any  such 
necessity  thereof,  when  this  Bank  is  settled  ;  f oras- 


MASSACHUSETTS   BAY  41 

much  as  this  will  imploy  most  of  those,  who  are 
usually  maintained  in  Idleness,  if  they  will  betake 
themselves  to  Industry,  at  such  moderate  wages  as 
would  enable  them  to  live  comfortably,  without  ex- 
posing their  Imployers  to  like  Poverty  with  them- 
selves. [5]  And  besides,  this  Bank  of  Credit  and 
Lumbard,  when  understood,  and  received  in  any 
Countrey  with  general  Approbation,  will  in  due  time 
render  that,  as  also  the  Third,  viz.  that  of  the  Ex- 
change of  Moneys  by  Bills,  the  more  intelHgible, 
and  as  useful. 

Of  the  second  Particular,  viz.  The  definition  of 
such  a  Bank. 

A  Considerable  number  of  Persons,  some  of  each 
Rank,  Trade,  Calling  and  Condition,  especially  m 
the  principal  Place  or  Places  of  Trading  m  any  Coun- 
trey, Agree  voluntarily  to  Receive  as  ready  Moneys, 
of  and  from  each  other,  and  any  Persons  in  their 
ordinary  dealings,  Bank-biUs  of  Credit,  Signed  by 
several  Persons  of  good  Repute,  joyned  together  in 
a  Partnership,  given  forth  on  Lands  of  good  Title 
mortgaged,  and  staple  unperishing  Goods  and  Mer- 
chandizes, deposited  in  fitting  places  to  be  appointed 
by  the  Partnership  for  that  purpose ;  to  the  value 
of  about  one  half,  or  two  thirds  of  such  respective 
Mortgages  and  Deposits :  Which  said  Bills,  thro' 
their  experimented  usefulness,  become  diffused  by 
mutual  consent ;  and  passing  from  one  hand  to  an- 
other, in  a  kind  of  Circulation,  and  under  reputation 
of  so  certain  a  Fund,  have  at  least  equal  Advantages 


42  CURRENCY   FOR  THE 

with  the  Current  Money  or  Coyn  of  any  Countrey, 
attending  them,  to  all  who  become  satisfied  to  deal 
with  them. 

Q.  But  it  may  be  said  by  some,  This  is  a  [6] 
very  brief  Account,  and  requu-es  further  Explana- 
tion. We  are  yet  Sti-angers  to  the  Nature,  and 
requisite  Constitution  of  a  Bank  of  Credit,  and 
what  hes  on  us  to  do,  in  order  to  our  being  made 
partakers  of  any  benefits  or  advantages  thereby,  to 
such  as  shall  voluntarily  comply  therewith ;  nor  do 
we  see  clearly  our  Security  in  so  doing,  nor  upon 
what  terms.  Pray  inform  us  of  these  things,  so  far 
as  we  may  be  safely  guided  into  the  way,  and  unto 
the  end  of  it.  Also,  in  case  this  Bank  should  ter- 
minate, how  we  shall  be  dealt  withal,  in  the  closing 
up  of  Accompts,  so  as  may  be  without  damage, 
either  to  the  Bank,  or  to  our  Selves.  We  doubt  not 
but  you  have  as  well  Considered  the  End  as  the 
Beginning.  Tho'  if  it  prove  useful,  we  can  see  no 
cause  why  a  thing  of  so  great  Advantages  as  are 
suggested,  should  procure  any  persons  Ill-will,  or 
Weariness  of  it.  And  we  are  also  satisfied,  that 
an  AfPair  of  this  nature,  wherein  the  Persons  and 
Estates  of  so  many  shall  be  involved  (as  it  seems 
probable  will  be  where  it  once  gets  footing)  cannot 
suddenly  be  knock'd  off,  but  with  inconvenience. 

Answ.  The  clearing  these  Doubts  you'l  find  in 
the  particulars  following.     Therefore  now, 


MASSACHUSETTS  BAY  43 

Of  the  third  Particular,  viz.   The  Constitution 
of  this  Bank. 

IT  is  proposed  that  there  be  One  and  Twenty  per- 
sons (or  less)  in  the  Partnership  of  this  Bank : 
whereof  Seven  to  be  called  Principal  Ma-ll']  na- 
gers  :  Who,  or  any  Three  or  more  of  them  may 
have  the  power  of  managing  and  governing  the 
whole  affair,  according  to  the  Constitution  &  Rules 
thereof ;  and  Fourteen  Deputies  to  be  imployed  by 
them  as  Accomptants,  Surveyors,  Appraisers,  Store- 
keepers, &c.  All  of  them  to  be  persons  of  good 
&  general  Reputation,  for  Integrity,  Prudence  and 
Estates :  But,  forasmuch  as,  at  the  first  entrance 
upon  such  an  affair,  it  may  not  be  needful  to  ingage 
so  many ;  that  any  Seven  of  them  (more  or  less) 
may  be  conceived  sufficient  to  begin  the  same ;  and 
manage  it,  until,  by  the  coming  on  of  Business,  it 
shall  be  judged  necessary  &  incouraging,  to  settle 
the  Full,  or  some  greater  Number  of  them.  These 
may  aU  be  ingaged  by  Articles  of  Agreement,  & 
Covenants  in  Partnership,  to  attend  thereon,  and 
be  responsible  for  their  doings,  according  to  such 
Constitution  and  Rules  in  that  behalf. 

These  are  to  receive  all  Proposals  from  any  per- 
sons touching  their  having  such  Credit  thereout  as 
they  shall  desire  upon  their  said  Estates  of  Lands 
or  Goods  respectively ;  and  to  contract  &  agree 
with  them  therein,  at  such  Values,  &  for  such  Time 
as  they  shall  judge  the  Security  proposed  of  either 
kind  will  admit,  and  to  draw  up,  and  perfect  such 


44  CURRENCY   FOR  THE 

Bank-bills,  Bills  of  Sale,  Mortgages,  Grants  &  De- 
fezances  thereof,  as  Lands  or  Goods  respectively 
shall  require  ;  and  perfect  the  Counterparts  thereof, 
to  the  Mortgagers  and  Depositors. 

They  are  also  to  cause  the  said  Mortgages  &  [8] 
Deposits  to  be  laid  up  and  stored,  respectively,  in  as 
safe  and  convenient  Rooms,  and.  Warehouses,  &c. 
as  shall  be  without  exception,  to  j)revent  damage  of 
"Weather,  Robbery,  Fire,  Water,  or  Vermin  of  any 
kind,  whereby  they  may  be  impaired,  or  dampnified, 
and  all  this,  under  the  trust  and  custody  of  such 
numbers  of  the  said  Partners,  as  no  opportunity 
can  be  taken  to  impair  or  lessen  the  Security,  unless 
they  should  all  agree  therein  ;  which  cannot  reason- 
ably be  imagined  being  such  as  are  proposed.  But, 
for  the  better  Security  thereof,  there  may  be  con- 
tinual Watching  on  all  such  places ;  and  it  will  be 
the  Interest  of  all  persons,  any  way  concerned  in 
the  affairs  &  profits  of  such  a  Bank,  to  be  careful 
to  prevent,  and  to  give  Advertisement  of  any  at- 
tempt made  to  the  impairing  &  prejudicing  thereof, 
for  that  their  livelihood  and  dependences  will  much 
consist  in  their  preserving  it  in  the  greatest  Repute  ; 
which  upon  the  least  violation,  by  those  who  are 
ingaged  in  the  management  and  trust  thereof,  will 
be  utterly  lost,  and  the  Bank  fall  to  the  Ground. 

These  Partners  aforesaid,  must  also  enter  into 
and  oblige  themselves  by  Covenants  to,  and  with 
other  Persons  to  be  called  Assessors  of  the  Bank, 
and  Conservators  of  the  Constitution,  Rules  and 
Instructions    to   be   observed   in   the   management 


MASSACHUSETTS  BAY  45 

thereof,  for  their  dihgence  and  faithfulness,  in  the 
Discharge  and  Execution  of  their  respective  trusts, 
according  to  the  said  Constitution  :  and  inviolably 
to  observe  the  same,  and  all  the  Rules  thereof. 

[9]  The  said  Assessors  have  also  the  Oversight 
and  Control]  of  the  whole  Affair  :  To  see  the  same 
be  so  managed  :  and  to  that  end  are  daily  to  inspect 
the  Management  thereof ;  and  that  the  said  Rules 
be  duly  observed  on  both  parts,  viz.  as  well  on  the 
part  of  the  persons  deaHug  with  them,  as  of  the 
Managers  themselves,  in  every  branch  of  the  Bank, 
that  all  be  done  with  Justice  and  Impartiality  be- 
tween them ;  to  settle  differences,  in  case  any  hap- 
pen ;  and  in  the  absence  of  the  Managers,  may  supply 
that  defect,  by  their  Personal  transacting  the  same 
things,  or  allowing  others  as  their  Deputies.     Also, 

Each  of  the  said  Partners  must  deposit  moneys 
and  other  Estate  in  the  Bank  as  a  Stock  or  Fund, 
of  their  own  ;  which  be  a  further  Security  and 
Obligation  upon  them,  for  tbeir  upright  dealings ; 
For  thereby  every  of  themselves  become  Personally 
Interested,  and  concerned  to  be  carefid  in  every 
thing,  that  they  keep  the  Rides  ;  and  all  Persons 
concerned  in  the  yearly  Profits  thereof  are  liable, 
according  to  the  Constitution,  to  answer  the  dam- 
ages, as  far  as  their  respective  shares  thereof  extend. 

Of  the  fourth  Particular,  viz.    The  necessary 
Rules  to  he  observed  in  this  Bank. 

1.  ^N primis,  That  the  Partners  in  the  Manage- 
ment of  the  affairs  of  the  said  Bank  do  sit 


I 


46  CURRENCY  FOR  THE 

in  some  coiiveuieut  Place,  of  the  chief  Trading  Town 
of  each  Countrey,  from  day  to  day,  and  [JO]  at  such 
hours  as  the  business  &  occasions  thereof  shall  re- 
quire ;  to  receive  Proposals  from  any  persons,  touch- 
ing theii'  having  such  Credit  as  they  shall  desire  ; 
and  for  di'a^ving  up  and  perfecting  such  Bank-bills, 
Mortgages,  Bills  of  Sale  and  Defezances  thereof,  as 
Lands  or  Goods  respectively  shall  require :  Also  for 
giving  Information  and  Satisfaction  concerning  the 
Security,  Benefits  and  Advantages  accruing  thereby, 
to  such  as  shall  desire  to  deal  with  them  therein ; 
and  to  take  Subscriptions  for  that  purjDose. 

2.  Item,  That  whatsoever  person  shall  propose 
to  Mortgage  or  Deposit  any  staple  Goods  or  Mer- 
chandizes, Lands,  Tenements  or  Hereditaments  of  a 
clear  and  good  Title,  to  the  said  Partnership,  may 
have  such  &  so  many  Bills  deHvered  to  him  as  shall 
amount  to  about  the  Value  or  Sum  of  one  half,  or 
two  thirds  of  the  said  Estates ;  or  more  or  less,  ac- 
cording as  his  Occasions  shall  requu'e,  and  the  nature 
of  the  Depositors  security  will  admit.  Paying  for 
the  use  of  the  said  Bills,  after  the  rate  of  Four 
Pounds  ^:)er  Cent,  per  Annum,  in  like  Bills,  at  the 
end  of  every  Six  Months,  for  so  long  time  as  he  and 
they  shall  agree  for  the  same. 

*  3.  Item,  That  if  at  the  Expiration  of  the  Term 
agreed  for,  the  Mortgager  or  Depositor  shall  desire 
the  continuance  thereof,  for  such  further  time  as  the 
Partnership  shall  judge  the  nature  thereof  will  ad- 
mit, the  same  shall  be  allowed  upon  the  same  Terms  ; 
and  if  any  person  shall  desire  to  redeem  them  sooner 


MASSACHUSETTS  BAY  47 

than  tlie  time  agreed  on,  he  shall  have  liberty  so 
to  do,  paying  only  for  such  [  H  ]  time  as  they  con- 
tinue deposited  or  unredeemed.  And  shaU  be 
allowed  to  pay  in  any  even  Sums  (not  being  under 
Ten  Pounds)  in  part  thereof,  if  he  shall  think  fit 
so  to  do,  to  lessen  his  Debt  and  Charges. 

4.  Item,  That  the  Redemption  thereof  be  by 
Bank  Bills  of  Credit,  or  such  other  Deposits  as  the 
Partnership  shall  approve  of.  But  if  by  Moneys  in 
Specie,  that  there  be  an  Addition  of  Forty  Shillings 
more  in  every  Hundred  Pounds  paid  in  Money, 
than  in  the  said  Bills :  For  they  desire  not  the  in- 
grossing  of  Coyn,  or  streightning  mens  Occasions 
thereby. 

5.  Item,  That  if  it  shall  happen  that  any  Pay- 
ments shall  be  paid  in  ready  Money,  such  persons  as 
having  any  of  the  said  Bills  in  their  hands,  which 
they  would  have  Exchanged  to  answer  their  occasions 
for  Money,  and  shall  seasonably  desire  the  same, 
shall  be  accommodated  therewith,  upon  the  delivery 
up  of  Bills  to  such  Value. 

6.  Item,  That  there  be  One  or  more  persons 
allowed  by  the  Partnership,  in  the  nature  of  Mer- 
chant-brokers, to  Correspond  between  the  persons 
who  have,  &  who  want  Moneys,  &  Bills  respectively, 
to  assist  their  respective  Occasions. 

7.  Item,  That  if  any  person  shall  not  Redeem  his 
Pledge,  or  Pay  his  Interest  at  the  respective  times 
agreed  on  (being  of  Goods  or  Personal  Estate,  the 
continuance  whereof  may  be  hazardous)  the  Partner- 
ship, giving  Notice  thereof,  may  Sell  the  same  at  the 


48  CURRENCY   FOR  THE 

best  Rates  they  can  get,  either  in  ready  Money,  or 
Bank-bills,  rendring  the  overplus  to  the  Depositor. 

[J 2]  8.  Item,  That  if  any  Person  be  Rob'd  of, 
or  lose  any  Bill  or  Bills,  by  accidents  of  Fire,  Water 
or  otherwise ;  he  may  have  them  renewed,  if  he 
forthwith  apply  to  the  Partnership,  and  make  a 
voluntary  Oath  thereof,  before  a  Magistrate,  ex- 
pressing the  Number,  Value  and  Date  of  each  Bill 
or  Bills ;  and  secui-ing  the  Partnership  against  all 
after  demands  for  the  same  bills  :  It  appearing  by 
the  Bank-books,  that  such  Bill  or  Bills  were  issued 
thereout,  and  have  not  been  returned. 

9.  Item,  That  all  Bank  Bills  of  Credit  be  Signed 
by  two  or  more  of  the  said  Partners,  (whereof  one 
to  be  a  principal  Manager)  who  are  thereby  held,  to 
oblige  themselves,  and  all  and  every  their  Partners 
of  the  said  Bank,  to  accept  the  same  for  so  much 
Currant  Moneys  as  shall  be  in  them  respectively 
mentioned,  in  Payment,  for  Redemption  or  Purchase 
of  any  Estate  in  the  said  Bank,  according  to  the 
Rules  thereof  :  and  that  all  such  Bills  be  duly  entred, 
in  Books  to  be  kept  for  that  purpose,  and  the  In- 
dented Goimter-part  thereof  filed,  before  the  same  be 
issued. 

10.  Item,  That  all  Goods  deposited,  be  laid  up 
and  stored  in  such  safe  and  convenient  Rooms, 
Ware-houses  or  Cellars,  Yards  or  Docks  respectively  ; 
for  preventing  damage  of  Weather,  Robbery,  Im- 
bezlement.  Fire,  Water,  or  Vermin  of  any  kind, 
whereby  they  may  be  impaired,  and  be  under  such 
custody  &  continual  care,  as  will  probably  render 


MASSACHUSETTS  BAY  49 

them  more  safe  than  in  any  Persons  particular  Cus- 
tody, or  Ware-house. 

11.  Item,  That  the  Charge  of  Ware-house  room 
[13]  be  reasonable,  with  respect  to  the  bulkuiess  or 
value  of  the  Deposit ;  and  be  agreed  upon  between 
the  Parties  to,  and  inserted  in,  each  Contract.  In 
which  respect  it  will  be  easier  to  many,  than  to  hire 
Ware-houses  of  their  own. 

12.  Item,  That  all  Persons  having  any  Deposits 
in  Bank-ware-houses,  &c.,  may  have  liberty,  at  sea- 
sonable hours,  and  in  the  presence  of  known  Per- 
sons, to  be  intrusted  for  that  purpose,  to  view  their 
Goods,  that  they  be  not  imbezled,  or  dampnified,  and 
to  provide  against  the  same  :  Also  to  shew  them  to 
their  Chapmen  ;  and  shall  be  assisted  therein  by  the 
Romagers  or  Porters  iuiployed  by  the  Partnership. 

13.  Itein,  That  in  case  the  Creditors  of  this  Bank 
shall  agree  to  desire,  and  accordingly  Declare  in 
Writing,  That  there  he  a  Determinatio7i jjut  thei^eto  : 
Or  if  on  any  other  account  whatsoever,  the  Determi- 
nation thereof  shall  be  judged  necessary,  by  the  Pro- 
posers and  Managers  of  this  Bank,  and  so  declared 
in  Writing  (which  cannot  be  without  allowance  and 
ascertaining  of  a  reasonable  Time  betwixt  the  said 
Creditors  and  Partnership  for  closing  up  the  same, 
and  the  Accompts  thereof,  so  as  may  be  without 
damage  to  any  or  either  of  them  :)  That,  as  no  Per- 
son is  or  shall  be  compelled  to  accept  Bank-bills  of 
Credit,  unless  he  shall  voluntarily  agree  so  to  do, 
and  for  no  longer  time,  nor  otherwise  than  he  shall 
so  consent :    So,  no  man  paying  his  prcemiwn  and 


50  CURRENCY   FOR  THE 

charges  aforesaid,  for  the  Credit  he  hath,  shall  be 
eompell'd  to  Redeem  his  Pledge,  being  of  Personal 
Estate,  [  J4]  sooner  than  the  time  contracted  for,  and 
the  nature  of  the  Deposit  shall  require  :  And  to  the 
end  the  Mortgager  of  Lands,  of  unquestionable  good 
Title,  may  not  be  distressed,  to  his  undoing,  in  case 
he  should,  by  reason  of  such  Declaration,  be  sud- 
denly call'd  upon  to  Redeem  the  same,  (which  may 
be  impossible  for  him  to  do  in  some  Years,  thro'  the 
scarcity  of  Moneys,)  That  all  and  every  Mortgager 
of  Lands,  in  such  case,  shall  or  may  have  &  take  Six 
Years  Time,  from  &  after  such  Declaration  afore- 
said, to  be  allowed  unto  him,  his  Heirs  and  Assigns, 
for  Redemption  of  his  Lands ;  he  or  they  paying 
after  the  rate  of  Six  Pounds  per  Cent,  per  Annum, 
in  ready  Moneys,  at  the  end  of  every  Six  Months, 
for  the  continuance  of  the  Credit  he  had  thereupon, 
from  such  Time  as  the  said  Declaration  shall  be  per- 
fected, until  he  shall  Redeem  the  same :  And  that 
the  Partners  of  this  Bank  shall  or  may  have  and  take 
one  full  Years  time  more,  from  the  Expiration  of  the 
said  Six  Years,  to  be  allowed  unto  them,  for  Selling 
the  said  Lands,  or  such  of  them  as  shall  not,  within 
the  said  Six  Years,  be  Redeemed  ;  whereby  they  may 
be  inabled  to  Receive  in,  and  Exchange  all  Bank- 
bills  then  granted  forth,  into  the  now  current  Coyn 
or  Moneys  of  this  Countrey,  or  other  Moneys,  being 
not  of  more  intrinsique  Value  than  what  now  passes  : 
Or  otherwise  satifie  for  the  same  by  such  propor- 
tions of  the  said  remaining  Lands  or  other  Effects, 
as  shall  be  judged  to  be  of  equal  Value :  Paying  to 


MASSACHUSETTS   BAY  51 

all  the  Creditors  who  shall  then  have  any  [15]  Bills 
in  their  hands,  after  the  same  rate  of  Interest  for  so 
long  time,  after  Publishing  the  said  Declaration,  as 
the  said  Bills  shall  remain  in  the  said  Creditors 
hands  Unoccupied ;  with  Deduction  &  Allowance 
only  of  the  Prcemium  contracted  for,  as  aforesaid ; 
and  that  such  Bank-bills,  as  before  such  Declaration 
made,  have  been  given  forth,  upon  the  Real  or 
Personal  Securities  aforementioned  which  remain  in 
the  Possession  of  the  said  Bank,  may  &  shall  be 
esteemed,  &  pass  as  current  Moneys,  of  the  Value 
of  the  present  Coyn,  in  all  Receipts  &  Payments 
whatsoever,  during  the  said  Term. 

14.  Item,  That  the  foregoing  Rules  be  attended 
and  observed  by  all  &  singular  Persons  concerned 
therein,  and  who  shall  propose  to  deal  with,  and 
accept  the  Bills  of  Credit  issued  by  the  Managers 
of  the  said  Bank  of  Credit,  Lumbard  &  Exchange 
of  Moneys  proposed  to  be  erected  in  any  Place,  and 
managed  by  persons  in  Partnership,  as  other  Mer- 
chantly  affairs. 

Of  the  fifth  Particular,  viz.  The  Particular 
Advantages  of  such  Persons  as  shall  volun- 
tarily deal  with  the  said  Partners,  in  these 
affairs;  which  will  appear  in  several  In- 
stances. 

First  Instance. 

A  Country  Chapman  hath  Lands,  suppose  worth 
to  be  sold  for  400  /.  and  being  willing  to  inlarge 


52  CURRENCY   FOR  THE 

his  Trade  &  Dealings,  or  make  Improvement  on  his 
Lamhy  as  far  as  his  estate  mil  inuble  him.  Or 
having-  brought  Goods,  which  he  is  indebted,  & 
[J 6]  cannot  otherwise  pay  for,  he  Mortgages  his 
Land  to  the  Partnership  for  200  /.  more  or  less; 
and  thereupon  receives  several  Bank-bills  of  Credit, 
for  200  I.  &c.  of  several  Values  from  Twenty  Shil- 
Vuifjs,  and  so  upwards,  to  answer  his  Occasions. 

With  these  he  buyes  such  Goods  as  he  pleases,  or 
pays  his  Debts  for  what  he  formerly  bought  of  the 
Whole-sale  Shop-keeper,  or  Ware-house-keeper,  in 
such  Town  or  Towns  of  Trade  as  shall  fall  into  this 
way  of  DeaUng ;  and,  having  Bank-bills  to  deliver 
for  them,  which  are  of  better  Value  by  40  s.  in  the 
100  /.  than  Moneys,  with  this  Society,  as  is  herein 
e^onced ;  he  buyes  much  Cheaper  than  he  could 
upon  his  own  Credit,  or  with  Moneys  in  Specie. 

The  Shop-keeper  goes  to  the  Merchant,  who  thus 
agrees,  and  buyes  of  him  other  Goods,  with  the  same 
or  other  like  Bills ;  wherein  he  reaps  the  same  ad- 
vantage as  he  gave  his  Chapman. 

The  Merchant  buyes  Corn,  Beef,  Pork,  Fish, 
Hops,  Lumber,  Pitch,  Tarr,  Rozin,  Skins,  Furs,  or 
any  other  of  the  Countreys  Products  or  Manufac- 
tures, of  the  Husbandman,  Grazier,  Artificer,  or 
Maker  thereof. 

The  Husbandman,  &c.  If  a  Farmer  of  Lands, 
pays  his  Rent,  and  purchases  more  young  Cattel  of 
his  Neighbour,  for  Breed  or  Fatting.    Or, 

If  an  Owner  of  Land,  and  hath  not  sufficient 
Stock  to  improve  it,  he  also  Mortgages  his  Laud, 
and  has  Credit  to  furnish  himself.     Or, 


MASSACHUSETTS  BAY  53 

If  he  hath  sufficient  Stock,  and  perhaps  more  than 
his  present  Farm  can  maintain,  he  hath  his  eye  upon 
a  Neighbouring  Farm,  or  piece  of  Land  [J 7]  that 
would  be  Sold  ;  he  Mortgages  his  own  Land  in  the 
Bank,  and  hath  Credit  to  buy  the  other. 

If  then  he  wants  Stock,  he  may  also  Mortgage 
the  Farm  or  piece  of  Land  last  purchased  ;  and  have 
Credit  to  inable  him  fully  to  Improve  and  Stock 
both,  Whereby  he  doubles  his  Yearly  advantages, 
and  if  he  can  then  content  himself  to  Hve  as  fru- 
gally, &  be  as  industrious  as  before,  he  may  soon 
compass  to  pay  off  his  Debt,  &  redeem  his  Land. 
Or,  he  may  continue  the  Credit  he  had,  and  take 
out  more  upon  the  Additional  improvement;  and 
thus  increase  his  Purchases  and  Estates,  as  long  as 
such  an  help  is  afforded. 

Second  Instance. 

The  like  may  be  done  for  carrying  on  the  open- 
ing &  working  in  any  Mines,  Minerals  or  Quar- 
reys  of  Stone,  Lead,  Tin,  Iron,  Copper,  &c.  thus, 
viz.  The  Mine  &  Lands  wherein  the  same  is,  may 
be  Mortgaged  as  aforesaid,  to  supply  the  Owner 
thereof  with  Bills  of  Credit,  for  paying  his  Work- 
men, in  any  Sum  of  Twenty  Shillings,  or  above. 

As  fast  as  any  of  these  Metals,  &c.  are  wrought 
fit  for  Sale,  if  a  Chapman  be  wanting,  the  Metal 
may  be  brought  into  the  Bank,  and  the  Owner  re- 
ceive Bank-bills  to  the  value  of  about  two  thirds 
thereof,  as  aforesaid,  to  enable  him  to  proceed  on 
his  Works  :  And  the  Metal  lying  in  Bank  is  there 


54  CURRENCY  FOR  THE 

readier  for  a  Market  than  elsewhere,  in  his  own 
Private-house  or  Ware-house,  at  very  reasonable 
rates  for  lying  there,  and  may  with  allowance  of  the 
owner,  be  sold  in  his  absence,  by  the  Merchant- 
broker  before  mentioned,  at  such  current  rates  [18] 
as  he  shall  set,  &  he  become  Creditor  for  so  much 
to  be  discompted  or  paid  him,  whensoever  he  shall 
call  for  it. 

Third  Instance. 

A  "Weaver  of  Cloth,  Serge,  or  Linen,  &c.  is  im- 
ployed  in  any  Work-house  erected,  or  to  be  erected, 
to  carry  on  those  respective  Manufactures :  Also 
other  Manufacturers,  and  Artificers,  in  Rope-mak- 
ing, Cables,  Rigging,  Sails,  Anchors,  or  any  other 
Materials  for  the  Fishing-trade,  Merchants,  or  build- 
ing of  Ships,  &c. 

The  Owner  of  such  Work-house,  or  Materials  re- 
spectively, consents  to  Mortgage  the  same,  for  One 
or  Two  Hundred  Pounds,  more  or  less,  in  Bank- 
bills,  as  the  Work  shall  require,  and  the  Value  of 
the  House  or  the  Materials  will  admit. 

With  these  Bills,  the  Work-master  or  Overseer, 
buyes  WooU,  Worsted,  Yarn,  Hemp,  Flax,  Dying- 
stuffs,  Iron,  Timber,  Lumber,  &c.  of  the  Merchant, 
Ware-house-keeper,  Countrey-man,  or  other  Seller ; 
and  finishes  40,  60,  or  100,  pieces,  &c.  more  or  less 
of  any  of  the  said  Commodities ;  which  when 
wrought  up  for  a  Market ;  if  he  want  a  Chapman, 
he  brings  into  the  Bank  Ware-houses,  as  aforesaid ; 
or  such  Yards,  Docks,  or  other  Places,  as  they  shall 


MASSACHUSETTS  BAY  55 

appoint  or  agree  :  Takes  up  new  Credit  upon  them, 
and  leaves  them  there  to  be  Sold,  at  his  own  rates, 
as  aforesaid.     Or, 

A  considerable  parcel  of  Wooll,  Cotton,  Yarn, 
Flax,  Hemp,  Oyl,  Dying-stuffs,  or  other  Goods  for 
his  use,  are  offer' d  to  Sale ;  he  may  pay  one  third 
thereof  by  his  Wrought-up-goods  Unsold,  and 
bringing  these  Commodities  into  the  Bank,  [J 9] 
may  receive  Bills  of  Credit  for  paying  the  other  two 
thirds  ;  which  he  may  take  out,  in  parcels,  as  he 
brings  in  any  new  wrought  up  Goods,  or  hath  occa- 
sion to  use  them  for  working  up  more ;  and  the 
Bank-ware-houses  will  be  to  him  as  Black-well  Hall, 
&c.  in  London  to  the  Clothiers,  to  assist  his  Sale  of 
them  without  his  trouble :  For  thither  will  all  Mer- 
chants have  incouragement  to  come,  to  seek  supplies 
for  Transportation,  &  find  Goods  always  ready. 
Other  Instances  might  be  multiplied,  but  by  these  it 
appears, 

1.  That  the  Manufacturer,  &c.  loses  no  time  in 
looking  out  a  Chapman. 

2.  Is  always  furnished  with  Credit  to  buy  his 
Materials  at  the  best  hand. 

3.  The  Merchant  never  trusts,  nor  Ware-house 
keeper :  Or,  if  he  do,  the  plenty  of  Bills  expedits 
his  Chapmans  Sale,  and  consequently  his  Payments. 
Whereby, 

4.  He  has  incouragement  &  stock  presently  to 
look  out  for  more  of  the  same,  or  other  useful  Mer- 
chandizes. 

5.  Sends  forth  the  said  Metals,  Clothes,  Stuffs, 


66  CURRENCY  FOR  THE 

Linen,  &c.  amongst  other  Merchandizes  of  the  Pro- 
duct of  his  Countrey,  or  Imported. 

6.  Makes  return  of  BulHon,  Moneys,  or  other 
useful  Goods,  which  are  presently  bought  off  with 
Bank-biUs.     Or, 

7.  He  may  store  them  up  in  Bank  Ware-houses, 
and  receive  present  Credit,  wherewith  to  send  out 
again.     And, 

8.  Thereby  be  inabled  (at  least)  to  double,  or 
[20]  treble  his  yearly  dealings,  and  receive  propor- 
tionable advantages.     This, 

1.  Increases  &  quickens  Merchandizing  &  Trade. 

2.  Promotes  Shipping  &  Navigation.     Which, 

3.  Increases  the  Publick  Duties,  and  consequently 
the  Revenues. 

4.  Imploys  the  Poor  in  the  Minings  &  Manufac- 
tures 'forementioned. 

5.  They  get  Moneys  by  these  Imployments. 

6.  That  inables  them  to  buy  up  all  necessaries 
for  Cloathing,  Victuals,  paying  of  Debts,  &c. 

7.  This  helps  the  Consumption  of,  as  well  their 
own  Commodities,  as  other  imported  Goods  and 
Merchandizes :  for  no  Man,  that  hath  wherewith  to 
buy,  will  go  naked  or  be  hungry,  &c. 

8.  This  helps  to  civilize  the  Ruder  sort  of  Peo- 
ple ;  and  incourages  others  to  follow  their  Example 
in  Industry  and  Civility. 

9.  Thus  aU  sorts  of  Persons  become  inabled  to 
live  handsomly,  &  out  of  Debt ;  and  that  prevents 
multipHcity  of  Law-suits,  &  Troubles  to  the  Govern- 
ment :  but  none  of  these  advantages  may  be  ex- 


MASSACHUSETTS  BAY  57 

pected,  out  of  the  small  Pittance  of  Cash,  that  now 
is,  ever  was,  or  hkely  will  be  in  any  Countrey,  unless 
assisted  in  Trade,  &  inriched  by  the  help  this  Bank 
proposes.     And  so  we  pass  to  the  Consideration 

Of  the  sixth  Particular^  viz.  The  answering 
some  feio  of  the  most  material  Pertinent 
Queries,  and  Objections  touching  this  Bank, 
viz. 

Q.  1.  f^^An  I  have  Monyes  for  Bank-bills, 
V-^  when  I  have  Occasion  f 

[2 J]  Answ.  1.  'Tis  not  propounded  to  be  a 
Bank  of  Moneys  (which  is  Hable  to  inexpressible  & 
unforeseen  hazards)  but  of  Credit  to  be  given  forth 
by  Bills ;  not  on  Moneys  advanced,  as  in  other 
Banks ;  but  (on  Lands  or  Goods,  as  aforesaid,)  to 
supply  such  as  cannot  get  Moneys  (by  reason  of  its 
scarcity)  with  whatsoever  may  be  had  for  Moneys. 
Yet, 

Answ.  2.  As  oft  as  any  persons  Redeem  their 
Lands,  or  Goods,  they  must  do  it  in  Bank-bills,  or 
with  Moneys.  If  in  ready  Moneys,  the  Partnership 
may  exchange  Bills  therewith,  to  such  as  desire  it ; 
as  is  afore  provided  by  the  Rules. 

Answ.  3.  However,  this  Bank  is  no  occasion  of 
streightning  men  that  would  have  Moneys ;  but 
leaves  them  free ;  and  in  this  case,  the  Merchant- 
brokers  of  the  Bank  will  be  helpful,  between  those 
who  have  and  who  want  Moneys,  and  Bills  respec- 
tively ;  as  is  likewise  aforementioned  in  the  said 
Rules.     But, 


58  CURRENCY   FOR  THE 

Aiisto.  4.  If  it  be  made  to  appear  to  you,  that 
others  who  have  Moneys,  will  be  willing  to  change 
your  Bank-bills  into  those  Species  of  Gold  &  Silver, 
&  thank  you  for  ottering  them  the  occasion  (tho'  the 
Bank  Partnership  do  it  not)  you'l  have  no  cause  to 
dechne  the  other  advantages  proposed  :  Especially 
if  you  may  both  be  gainers  by  the  Exchange.  Now, 
if  I  ow'd  you  500  /.  to  be  paid  in  Silver,  which  I 
could  not  do,  but  should  propose  to  pay  you  in 
Gold,  at  the  intrinsique  Coyn'd  Value,  which  if  you 
part  with  again  will  yield  you  Five  Pound  profit, 
or  more  :     Would  you  then  refuse  Gold  ? 

[22~\  Obj.  But  how  will  you  ajjply  this,  to 
make  it  Credible  f 

Sol.  Thus,  Whoever  hath  any  Payment  to  make 
in  Bank,  which  (in  probabihty  if  such  Bank  take 
effect  in  any  Countrey)  will  be  every  Man  that  deals 
in  above  Twenty  Shillings  at  a  time)  will  find,  that 
we  must  pay  Forty  Shillings  more,  in  every  Hun- 
dred Pounds  of  ready  Money,  than  in  Bank-bills  of 
Credit ;  as|:>er  the  forementioned  Rules  of  the  Bank) 
which  is  about  Five-pence  benefit  to  the  Exchanger, 
in  every  20.  s.  No  doubt  then  of  ha\4ng  Moneys 
(by  a  Httle  inquiry  of  the  Merchant-broker)  at  the 
Value  contained  in  the  Bills,  of  all  such  as  must 
redeem  their  Mortgages,  and  Deposits.     But, 

Bills,  wherever  Banks  have  been  erected  (tho' 
Money  Banks)  have  always  been  of  better  Value 
than  Moneys  in  Specie.  Whereof  three  Reasons 
may  be  given. 

(1.)     For  the  ease  of   Compting  and   Carriage; 


MASSACHUSETTS   BAY  59 

and  preventing  damage  to  the  Receiver,  by  Counter- 
feit, Clip'd,  Light  or  Base  Coyn  :  (Which  is  obvious 
to  all.) 

(2.)  For  safety  in  Travelling,  Laying  up,  &c. 
As  visible  as  the  other. 

(3.)  For  the  advantage  that  is  to  be  made  by 
the  Exchange,  on  the  account  of  such  Conveniences. 
Whereof  take  two  Examples,  viz. 

(1.)  The  Bank-bills  of  Holland  are  ordinarily 
better  than  Moneys,  by  at  least  Three  Pounds  per 
Cent.     And, 

(2.)  Those  in  Venice,  by  Twenty  Pounds  per 
Cent,  and  Laws  made  there  to  keep  them  from  rising 
[23]  higher ;  for  they  were  once  at  28.^  per  Cent. 
and  not  without  some  difficulty  Reduced  to  Twenty  ; 
so  that  each  Bill  of  100  I.  is  now  Current  at  120./. 

Obj.     But  how  is  that  Possible  or  Credible  f 

Sol.  There  is  this  account  rendred  of  it  (which 
has  confirmation  by  many  other  Instances  that  might 
be  given,  concerning  the  current  Prices  of  many 
Commodities,  which  have  not  so  much  of  intrinsique 
value  in  them,)  viz.  The  State  of  Venice  pro- 
pounded the  Erecting  a  Bank  to  consist  of  Two 
Millions  of  Duckets  :  Accordingly  Moneys  were 
brought  in,  Bills  given  out  for  the  same  Value ;  and 
a  stop  put  to  the  receiving,  or  giving  out  any  more 
of  either. 

The  Usefulness  of  these  Bills  was  suddenly  found 
to  be  Buch  in  the  practice  and  imployment  of  them, 
upon  the  three  forementioned  Accounts,  that  every 
Man,  at  one  time  or  other,  found  his  Affairs  re- 


GO  CURRENCY   FOR  THE 

quired  them  :  So,  that  at  iBrst,  such  Bills  would  not 
be  parted  with  for  Money,  under  Ten  Shillings  per 
Hundred  Pounds ;  And  no  sooner  was  that  be- 
come the  Current  Rate,  but  they  were  successively 
raised  by  Ten  Shillings  at  a  time,  till  they  came  to 
be  in  every  ones  Estimation,  28J  ^;er  Cent,  better 
than  Moneys  in  Specie  ;  and  so  pass'd  accordingly. 
Whereupon, 

The  State  of  Venice  enacted  several  Laws  against 
their  passing  so  high  :  which  failing  to  accomplish 
what  was  required,  at  length  they  conceived  it  ne- 
cessary, in  order  to  the  bringing  down  the  Price,  to 
propose  the  giving  forth  Bills  for  Three  Hundred 
Thousand  Duckets  more  :  By  which  means  they 
[24]  brought  it  back  to  Twenty  Pounds  per  Gent. 
(which  pleased  the  People)  and  there  fixt  it,  as  to 
its  rising  higher  afterwards,  by  a  severe  Law  ;  since 
when,  it  stands  so  to  this  Day  :  And  this  is  no 
more  than  what  is  familiar  in  the  Price  of  other 
things,  viz.  Diamonds,  Rubies,  Pearls,  Horses,  Pic- 
tures, &c.  which  have  their  Estimation  from  the 
various  Pleasures  and  Fancies  of  Men,  &c. 

And,  if  it  be  demanded,  what  induced  that  State 
to  allow  it  so  high  ? 

The  Answer  is  easie,  viz.  The  State  of  Venice 
had  made  use  of  the  Moneys  deposited,  in  their 
Publick  Occasions  (where  observe  the  hazard  of  a 
Money  Bank)  and,  having  promised  for  Satisfaction 
of  Creditors,  to  raise  the  Hke  Sum,  if  they  should 
have  occasion  for  it,  reap  this  advantage,  of  their 
Peoples  high  Opinion  of  Bills,  that,  they  are  thereby 


MASSACHUSETTS  BAY  61 

assured,  that  never,  will  any  Creditor  come  to  ask 
them  100  /.  for  a  BUI  of  100  /.  when  he  may  have 
120  I.  from  any  other  hand.  A  notable  way  to  pay 
a  vast  Debt.  But,  by  means  hereof,  the  Creditor 
has  no  other  Fund  or  Security  but  the  States  Word  : 
For,  there  is  not  one  Ducket  for  them  in  Bank. 

Q.  2.  My  Lands  or  Goods  are  already  Mort- 
gaged for  Moneys,  at  a  higher  Rate  of  Interest ; 
and  the  Mortgagee  will  not  take  Bills.  Can  such 
a  Bank  help  me  f 

Ans.  There  may  be  Persons,  of  whom  you  may 
be  informed  at  the  Bank,  who  will  advdse  &  assist 
you  therein  :  If  there  be  Moneys  in  the  Countrey  to 
be  had. 

Q.  3.  /  hane  neither  Lands  nor  Goods,  hut  a 
Trade,  by  [25]  which  I  could  live  comfortably  if  I 
had  a  small  Stock  ;  and  I  could  afford  to  give  a 
greater  Interest,  and  have  Friends  that  woidd  help 
me  too,  upon  my  own  Bond :  But  they  have  not 
3Ioneys.      Which  way  shall  I  be  helpi'd  ? 

Ans.  If  your  Friends  have  Lands  or  goods, 
they  may  have  these  Bank-bills  of  Credit,  at  Four 
Pounds  per  Cent,  per  Annum,  to  Lend  you  at  such 
Rates  as  you  can  agree  :  Whereby  they  also  may  be 
gainers,  and  have  incouragement  to  help  you. 

Much  more  might  be  said  upon  this  Subject, 
but  these  seem  to  be  sufficient,  for  incouraging  an 
attempt :  And,  the  experiments  of  the  things  sug- 
gested will  give  such  clear  Demonstrations  of  the 
Usefulness,  Advantage,  Necessity  &  Security  of 
such  Banks,  in  most  places,  beyond  all  others  that 


62  CURRENCY   FOR  THE 

have  been  hitherto  put  in  practice,  as  those  who  are 
not  so  prompt  to  receive  things  into  then*  under- 
stancUnos  by  the  Notions  of  them,  or  are  prejudiced 
by  mistaken  apprehensions  about  them,  &  thence 
raise  many  impertinent  Objections  (not  worth  scrib- 
ling)  may  be  presumed  will  follow  others  Examples, 
in  well-doing,  when  those  are  observed  to  thrive  who 
o-o  before  therein. 

We  shall  therefore,  for  the  Conclusion,  which 
is  the  last  Particular  mentioned,  to  be  Dis- 
coursed, Sum  up  all,  in  this  general  Assertion, 
viz. 

THat  there  will  arise  many  more  Convienences  & 
Advantages,  by  this  Bank,  to  such  Countreys 
where  they  shall  be  erected,  than  have  been  enumer- 
ated, in  the  several  foregoing  instances;  or,  well, 
can  be. 

[26]  1.  By  this,  the  Trade  &  Wealth  of  any 
Country  is  establish'd  upon  its  own  Foundation ; 
and  upon  a  Medium  or  Balance  arising  within  it 
self,  mz.\  The  Lands  &  Products  of  such  Countrey, 
&  not  upon  the  Importation  of  Gold  or  Silver ; 
or  the  Scarcity  or  Plenty  of  them,  or,  of  any  thing 
else  Imported  from  Foreign  Nations,  which  may  be 
mth-held,  prohibited,  or  enhansed,  at  the  Pleasure 
of  others. 

2.  The  Native  Commodities  of  such  Countrys 
will  thus  become  improved  to  a  sufficiency  {at  least) 
for  their  own  Use  ;  and  thereby  afford  a  comfortable 
Subsistence  to  many  ingenuous  &  industrious  Per- 


MASSACHUSETTS  BAY  63 

sons,  in  such  Countrys,  who  know  not  how  to  Sub- 
sist :  Especially  such  as  are  Banish'd,  or  inforced  to 
forsake  their  Native  Countrys,  by  reason  of  the  heat 
of  Persecution,  upon  the  account  of  Religion. 

3.  It  will  not  be  in  the  Power  of  any,  by  Extor- 
tion &  Oppression,  to  make  a  Prey  of  the  Necessi- 
tous. 

4.  The  Fishery  of  such  Countrys,  as  lye  conven- 
ient for  it,  may  be  improved :  and  the  Navigation 
&  Shipping  increased,  for  Use  or  Sale. 

5.  The  Publick  Revenues  thereof,  in  consequence 
of  these,  will  be  augmented. 

6.  The  Rents  of  Lands,  yea,  the  Purchase  value 
thereof,  will  rise:  For,  the  Plenty  of  Money,  or  a 
valuable  Credit  equivalent  thereunto,  &  the  Lower- 
ing of  Interest,  must  necessarily  have  that  effect. 

7.  It  will  supply  the  defect  or  scarcity  of  Moneys 
in  Specie,  until  by  the  sethng  of  Manufactures,  &c. 
(which  this  Bank  proposes)  the  Products  of  such 
Countrey  for  Exportation  shall  come  to  Balance 
or  Exceed  the  value  of  it's  Importations ;  [27] 
which  afterwards  will  necessitate  the  bringing  in  of 
Moneys,  as  fast  as  the  want  thereof  hath  carried  it 
away.  For,  the  true  ground  of  the  Plenty  or  Scar- 
city of  Moneys  in  any  Countrey,  is  not  the  high  or 
low  Value  of  the  Money  (as  some  erroneously  con- 
ceive) but,  that  the  Value  of  Goods  Imported  from 
other  parts  hath  been  greater  than  that  of  the 
Export.  The  Balance  whereof  must  necessarily  be 
answer'd  with  Moneys,  &  for  the  same  Reason, 
Revers'd,  the  Export  of  Goods  when  bro't  to  exceed 


64  CURRENCY  FOR  THE 

the  value  of  the  Import,  must,  as  necessarily  bring 
it  back  again  to  such  proportion  as  the  Export  can 
be  raised.  And  whatsoever  other  means  may  be 
suggested  for  furnishing  of  Moneys,  must  be  fruit- 
less, for,  there  will  abide  no  more  than  such  propor- 
tion ;  let  what  Value  will  be  put  on  Moneys  above 
the  Currant  Price  thereof  in  other  Countrys  with 
whom  they  shall  Trade  ;  which  may  be  fm-ther  Evi- 
denced, if  this  hint  thereof  be  not  sufficiently  intel- 
Hgible.  To  which  may  be  added,  That  the  less  need 
there  is  of  Moneys  in  Specie,  by  reason  of  such 
Currant  Credit,  the  more  will  be  the  increase  of 
Money  it  self ;  as  is  manifest  in  Holland^  Venice,  & 
all  Places  where  Bank-credit  supplies  the  defect  of 
those  Sj^ecies ;  least,  the  Money  that  remains  in  such 
Countreys,  will  be  at  greater  Hberty  for  such  petty 
occasions  as  cannot  be  so  well  accommodated  by 
Bills. 

In  Order  therefore,  &  as  Praevious  to  the  Entring 
upon  such  an  AfPair,  'tis  requisite  that  other  Queries 
be  Propounded  and  Resolved,  viz. 

Q.  4.  Hoic  shall  it  come  to  he  known  whether  a 
sitfficient  mtmber  of  Persons,  of  all  Banks,  Trades, 
[28]  and  Callings,  will  deal  with  this  Bank? 
The  reasons  of  which  Inquiry  are  these,  viz. 

(1.)  It  will  be  of  use  to  the  undertakers  of  such 
Bank  to  know  it,  for  their  incouragement  in  their 
entrance  upon  this  affair.     And, 

(2.)  To  such  others  as  would  take  the  Bills,  if 
they  were  satisfied  they  could  buy  such  Goods,  &c. 
as  they  want,  with  Bills,  at  as  easie  rates,  as  if  they 
had  ready  Moneys  to  give. 


IMASSACHUSETTS  BAY  65 

Answ.  1.  It  will  be  requisite,  that  a  short  Decla- 
ration be  tendred  to  be  Subscribed  by  some  Persons 
of  all  Ranks,  Trades  &  CaUings  ;  signifying  that 
they  will  accept  the  said  Bank-bills  of  Credit,  in 
their  ordinary  future  dealings  of  Buying  &  Selling, 
or  other  Traffiquing  affairs,  whereupon  they  are  to 
receive  Moneys,  for  so  much  ready  Moneys  as  shall 
be  in  such  Bills  mentioned,  upon  the  Terms  &  ac- 
cording to  the  Rides  of  the  Bank :  Saving  to  every 
man  his  Specialties,  &  particular  Contracts. 

Ans.  2.  That  such  as  shall  so  declare  themselves, 
by  Subscription  (or  otherwise)  may  be  put  into 
Alphabetical  Lists,  and,  such  as  take  forth  Bills 
may  be  informed  of  the  Names  of  the  said  respec- 
tive Persons,  their  Trades  or  CaUings,  and  Places  of 
Habitation.     But, 

Q.  5.  It  may  be  further  inquired,  viz.  Wliat  if 
some  sorts  of  Persons  requisite  for  a  universal 
Circulation  of  Bills,  will  not,  in  all  cases,  ingage 
to  acce2?t  Bank-hills  :  hut  some  will  wholly  Refuse 
them,  <fc  Cry  up  Moneys,  inhans'd  to  a  higher  Rate 
than  they  pass  at  in  other  Countreys,  &c.  Others 
will  he  for  either,  or  hoth,  as  they  find  it  for  their 
Advantage,  &c. 

[29]  Answ.  Its  not  necessary  that  all  should,  in 
all  cases,  oblige  themselves  to  Bills,  as  long  as  there 
is  Moneys  to  be  had :  But  if  there  be  not  a  suffi- 
ciency of  that  for  carrying  on  of  Trade,  &c.  as,  this 
Bank  hinders  not  the  Currency  of  Moneys,  but  that 
may  be  imployed  as  far  as  it  will  go,  (which,  for  the 
most  part,  during  the  Scarcity  of  it,  will  be  in  small 


66  CURRENCY  FOR  THE 

dealings,)  so,  the  Bills  will  be  found  useful  to  sup- 
ply the  defect.  The  needful  proportion  whereof 
will  soon  be  understood ;  and  each  Person  will  cast 
his  Business,  and  make  his  Contracts  accordingly  : 
And  consequently,  this  need  not  hinder,  or  discour- 
age the  attempt ;  if  there  be  a  competent  number 
of  each,  or  most  sorts,  that  cannot,  otherwise,  deal 
as  they  would. 

Q.  6.  And,  if  any  shall  inquire.  What  Number 
of  Merchants  and  other  Tradesmen  may  he  suffi- 
cient (at  first  erecting  such  a  Bank)  to  assist  a 
Circidatio7i  of  Bills  in  Trade-in  case  some  should, 
not  only  withdraw  from,  hut,  obstruct,  &  misrepre- 
sent the  Affair,  or  Persons  managing  it,  as  not 
having  the  Puhlick  Ajyprohatlon,  or  Sanction  of 
the  Authority  of  a  Coiintrey,  ichich  they  may  sug- 
gest to  he  necessary  f     It's  Answered, 

Answ.  1.  A  few  Merchants  in  any  Countrey  who 
are  general  Traders  (by  the  help  this  Bank  pro- 
poses, in  the  foregoing  Instances,)  may  be  sufficient 
to  give  encouragement  for  the  Entrance  upon  this 
Affair ;  and  so  many  Shop-keepers,  Artificers,  &c. 
as  must  and  will  deal  with  them. 
For, 

Answ.  2.  It  may  reasonably  be  presumed,  that, 
many,  in  the  practice  of  the  thing  will  appre-[30] 
hend  the  necessity,  usefulness,  and  security  thereof, 
who  cannot  easily  take  it  up  in  the  Notion,  or  by 
Discourse  :  and  that  such  wiU  come  in  by  Degrees  : 
for,  if,  (being  Merchants)  they  stand  out,  such  of 
their  Chap-men  as  shall  find  it  their  interest  to  sell 


MASSACHUSETTS  BAY  67 

for  Bills,  must  buy  again  of  others  who  will  take 
them  ill  payment ;  and  finding  themselves  well  used 
by  such,  will  hardly  return  where  they  have  been 
refused  :  and,  if  of  other  Professions  they  must 
either  Sell  little,  or  do  it  on  Trust,  or  wait  for  pay- 
ment till  moneys  grow  more  plentiful ;  whilest  oth- 
ers carry  away  the  whole  Trading  among  them. 

Ans.  3.  This  part  of  the  Merchants  Calling,  is, 
in  every  respect  as  Free  and  Lawful!  for  any  to 
undertake,  and  needs  no  more  of  Publick  Encour- 
agement or  Countenance,  than  that  part  of  buying 
and  selling  (at  home  or  abroad)  with  or  for  ready 
Money,  Time,  or  Barter,  which  they  better  under- 
stand &  practise.  And  the  Managers  hereof  may  as 
well  expect  a  Benefit  by  it  as  the  others  :  Forasmuch 
as  it  will  no  less  take  up  their  time  to  attend ;  and 
will  be  an  improving  the  Trade  of  any  Countrey, 
no  less  than  the  other :  And  lastly,  has  its  Hazards 
attending  it ;  for  the  Profits  accruing  thereby,  are, 
in  the  first  place  assigned,  by  the  Constitution  and 
Rules  thereof,  for  making  good  all  Losses  &  Dam- 
ages that  may  happen,  in  the  Management  of  this 
Affair. 

De  te  Narratxiv,  N.  A. 

FINIS. 

[The  reprint  follows  the  original  so  closely  that  it  requires 
close  scrutiny  to  detect  the  differences  between  the  two.  It  is 
described  in  catalogues  as  a  small  8vo  or  as  a  12mo  of  30  pp. 

The  title-page  is  reproduced  from  the  copy  in  the  Library 
of  the  Massachusetts  Historical  Society.     For  this,  and  for  the 


G8     CURRENCY  FOR  THE  MASSACHUSETTS  BAY 

privilege  of  copying  the  pamphlet  itself,  thanks  are  due  to  that 
Society. 

The  form  of  Bank  proposed  in  this  pamphlet  is  substantially 
the  same  as  that  which  was  proposed  by  Captain  John  Blackwell 
to  the  Council,  in  1G8G,  which  was  approved  by  the  Council, 
and  which  was  actually  organized,  but  which  never  proceeded 
beyond  that  point.] 


A 

PROJECTION 

For  Erecting  a 

B  AN  K 

CREDIT 

In  Boston,  New-England. 
Founded  on 

LAND 

Security. 

Printed  in  the  Year  17 14. 


CURRENCY   FOR  THE 

[5] 
A 

PROJECTION 

For  Erecting  a  Bank  of 
Credit. 


To  all  to  whom  these  Presents 
shall  come,  We  whose  Names 
are  hereunto  Subscrib'd,  and 
Seals  afiix'd,  send  Greeting. 

WHEREAS  there  is  a  sensible  decay  of  Trade 
within  His  Majesties  Plantations  hi  New-England, 
for  want  of  a  Medium  of  Exchange,  icherewith 
to  carry  on  the  same;  the  Running  Cash  being 
Exported,  and  considerable  Sums  of  the  Bills  of 
Credit  put  forth  by  the  Government,  which  had 
their  [6]  Circulation  and  supjjorted  the  Trade 
being  already  drawn  in,  and  the  reynaining  less- 
ening Yearly,  by  the  payment  of  the  Taxes,  and 
other  Publick  Dues  ;  so  that  without  a  Medium,  the 
Trade  must  necessarily  decay,  to  the  unsjyeakable 
detriment  of  the  Landed  Interest  as  well  as  the 
Trading  Party  ;  and  there  being  no  other  Expe- 
dient in  our  view  for  the  Reviving  and  Encourag- 
ing of  Trade,  and  facilitating  Retiirns  for  Goods 
and  Merchandizes  Imported  from  Great  Britain, 
but  by  Establishing  a  Fund  or  Bank  of  Credit 


A 


PROJE  C  TIO 

For  Ereding  a 


O  F 


CREDI 


i  ;! 


In   BoJIon,  N€w-E7iglancl. 
Founded    on 


L 


•    , » 


ecurity. 


Printed  in  the    Year    17T4- 


MASSACHUSETTS  BAY  71 

upon  Land  Security,  which  may  give  the  Bills 
Issued  there-from  a  General  Currency  amongst  us. 
We  therefore  the  Sichscribers,  Parties  to  these 
Presents,  for  the  7nore  effectual  Erecting  and  sure 
Estahlishing  of  such  a  Fund  or  Bank  of  Credit, 
do  Mutually  Covenant,  Consent  and  Agree  as  fol- 
lows : 

1.  THAT  the  Subscriptions  shall  be  taken  to 
a  Value  not  exceeding  Three  Hundred  Thousand 
Pounds,  and  that  every  Subscriber  shall  Settle  and 
Make  Over  a  Real  Estate,  to  the  value  of  his  Re- 
spective Subscription,  to  the  Trustees  of  the  Part- 
nership or  Bank,  to  be  and  remain  as  a  Fund  or 
Security  for  such  Bills  as  shall  be  Emitted  there- 
from ;  which  Emission  shall  not  exceed  the  Sub- 
scription, and  will  make  good  all  deficiencies  that 
shall  arise  from  any  Neglect,  [7]  Default  or  Mis- 
management of  any  of  the  Officers  or  Members  of 
this  Partnership  or  Bank. 

2.  That  no  Person  shall  Subscribe  above  Four 
Thousand  Pounds,  nor  under  Two  Hundred  and 
Fifty  Pounds  ;  and  each  Subscriber  shall  take  out 
and  keep  for  two  years  at  least,  one  quarter  part  of 
his  Subscription,  and  not  exceed  one  half  part  by 
virtue  of  his  first  Mortgage,  paying  Interest  there- 
for, according  to  the  Rules  of  this  Partnership. 

3.  That  we  will  from  time  to  time,  and  at  all  times 
for  ever  hereafter  g-ive  Credit  to  the  Bills  Emitted 
from  this  Fund  or  Bank,  equal  to  what  is  given  to 
the  Bills  of  Credit  on  the  Province  of  the  3fassa- 
chusetts-Bay,  and  to   accept   the  said  Bills  in  all 


72  CURRENCY   FOR  THE 

Payments  (Specialties  and  Obligations  for  any  other 
Specie  excepted)  upon  Forfeiture  of  Fifty  Pounds 
for  each  refusal,  until  the  Refuser  has  forfeited  his 
whole  Security  and  Profits ;  and  every  such  Person 
having  so  forfeited,  shall  no  longer  be  accounted  a 
Member  of  this  Partnership,  but  be  deemed  ipso 
facto  dismist,  and  lose  his  Interest  therein. 

4.  That  it  shall  be  free  for  any  Person  or  Persons 
not  being  of  this  Partnership  or  Bank,  to  borrow 
Bills,  or  have  Credit  out  of  said  [8]  Bank,  giving 
Security  according  to  the  Rules  hereof,  and  on  Pay- 
ment of  the  Principal  and  Interest,  their  Mortgage 
or  Deposuit,  shall  be  released  and  discharged. 

5.  That  in  all  Matters  to  be  transacted  and  Voted 
in  the  General  Meeting  of  the  Subscribers  of  this 
Partnership  or  Bank ;  every  such  Person  who  hath 
Subscribed  Two  Hundred  and  Fifty  Pounds,  shall 
have  one  Vote,  Five  Hundred  Pounds  two  Votes, 
Seven  Hundred  and  Fifty  Pounds  three  Votes,  One 
Thousand  Pounds  four  Votes,  Twelve  Hundred  and 
Fifty  Pounds  five  Votes ;  and  no  person  shall  have 
above  five  Votes,  how  great  soever  his  Subscription 
to,  or  Interest  in  this  Bank  is,  or  shall  be. 

6.  That  the  Interest  to  be  paid  on  all  Bills  Issued 
out,  whether  on  Persons  Mortgages  or  Deposuits, 
shall  not  exceed  Five  Pounds  per  Q^nt  per  Annum, 

7.  That  there  shall  be  at  no  time  Emitted  from 
this  Partnership  or  Bank,  any  Bills  of  Credit,  but 
upon  good  Security,  to  the  acceptance  of  the  Direc- 
tors for  the  time  being,  at  the  Rates  and  Values 
following, 


INIASSACHUSETTS  BAY  73 

On  Rateable  Estates  two  Thirds  of  the  Value. 

On  Wooden  Houses  without  Farms,  not  exceeding 
the  Value  of  the  Lands  belonging  to  them. 

[9]  On  Brick  Houses  not  exceeding  the  Value  of 
the  Land  belonging  to  them,  and  half  the  value  of 
the  Lands  according  to  their  different  Circumstances. 

On  Gold  not  exceeding  Five  Pounds  Ten  Shil- 
lings per  Ounce. 

On  Silver  not  exceeding  Six  Shillings  and  Eight 
Pence  per  Ounce. 

On  Iron  and  other  unperishable  Commodities,  as 
a  Pledge  for  one  half,  or  two  thirds,  according  to 
the  Market. 

8.  And  whereas  for  the  Security  of  this  Partner- 
ship or  Bank,  it  is  agreed,  that  there  shall  be  Chosen 
seven  persons  in  trust  of  good  Interest,  known  In- 
tegrity and  Reputation,  and  that  to  them  or  any  five 
of  them,  and  such  other  persons  as  shall  from  time 
to  time  be  Chosen  and  Appointed  by  the  major  part 
of  the  Votes  of  the  Members  of  this  Partnership 
then  present  to  Use  and  Exercise  the  aforesaid  Trust : 
All  Estates  to  be  settled,  shall  be  Conveyed  for  the 
ends  aforesaid,  and  that  the  Trustees  for  the  tune 
being,  shall  have  full  power  by  Order  in  Writing, 
under  the  Hands  of  the  major  part  of  the  Directors, 
to  Commence  any  Suit  at  Law  against  any  of  the 
Mortgagers,  and  make  what  Releases  and  Assign- 
ment shall  be  thought  necessary,  for  the  Use  of  this 
Partnership ;  and  that  the  Trustees  for  the  time 
being,  shall  be  Obliged  to  Sign  and  Execute  a  ge- 
[JO]neral  Instrument,  Binding  and  Obliging  Them- 


74  CURRENCY  FOR  THE 

selves,  their  Heirs  and  Executors  unto  the  Directors 
for  the  time  being,  not  to  do  any  thing  by  way 
of  Release  or  Assignment ;  or  Commence  any  Suit  at 
Law  against  any  of  the  Mortgagers,  but  by  Order 
in  Writing,  under  the  Hands  of  the  Directors,  and 
to  the  Use  of  this  Partnership :  The  said  Trustees 
disclaiming  all  Right  and  Property  in  any  Mortgage 
or  Conveyance  to  them  by  virtue  of  theii*  Trustee- 
ship. 

FURTHERMORE,  That  the  said  Trustees  do 
from  time  to  time  attend  and  perform  all  such 
Orders  relating  to  this  Affair,  as  shall  be  given  in 
Writing  at  any  time  by  the  Directors,  or  the  major 
part  of  them  ;  and  that  it  shall  be  in  the  power  of 
this  Partnership,  by  the  major  Votes  present  in  a 
General  Meeting,  to  Remove  the  said  Trustees  if  they 
shall  see  cause,  and  to  choose  and  place  in  their  stead 
others.     And  that  A.  and  B. 

Esqrs.  C.  D. 

E.  F.  and  G. 

Merchants,  all  of  Boston,  in  the  County  of  Suffolk, 
in  the  Province  of  the  Massachusetts-Bay  in  New- 
England,  be  the  first  Trustees  of  this  Partnership  or 
Bank  of  Credit ;  and  that  to  them,  or  any  five  of 
them,  and  the  Trustees  for  the  time  being,  all  the 
Estates  to  be  settled  shall  be  Conveyed  in  Trust ; 
which  Trustees  shall  [H]  continue  in  their  Stations 
until  their  respective  Death,  Removal  or  Resignment. 

FURTHERMORE,  We  do  Covenant  and  Agree, 
that  the  said  Trustees  shall  be  Indempnified  at  all 
times  by  this  Partnership  or  Bank  from  all  Charges 


MASSACHUSETTS  BAY  75 

and  Damages  which  they  shall  sustain,  or  be  put 
to  by  reason  of  their  Trust,  or  the  due  Execution 
thereof ;  &  none  of  them  shall  be  chargeable  for  the 
acts  or  defaults  of  any  other  but  his  faults  only. 
And  for  their  Encouragement  and  Reward,  they 
shall  have  Annually  paid  to  them  out  of  the  Profits, 
Thirty  Pounds  each,  which  Sum  may  be  augmented 
at  the  Annual  Meeting,  if  it  be  found  insufficient. 

9.  That  there  shall  be  a  General  Meeting  of  the 
Subscribers  in  some  convenient  place  in  the  Town 
of  Boston  aforesaid,  on  the  first  Tuesday  in  June 
Annually,  where,  by  the  major  part  of  the  Votes 
present,  there  shall  be  Elected  to  Serve  for  one  year 
next  ensuing,  until  others  be  Chosen  in  their  room ; 
Officers  for  managing  the  Affair  of  this  Partnership 
or  Bank,  on  such  Salaries  for  their  Service,  as  are, 
or  shall  afterwards  be  agreed  on.      That  is  to  say, 

Seven  Directors,  who  shall  from  time  to  time 
Choose  one  of  their  Number  to  preside  ;  Four  of 
which  Number  shall  have  power  to  act ;  &  in  case 
of  equal  Votes,  the  President  to  have  the  Casting. 

That  these  seven  Directors  shall  be  Impow-[I2] 
red  to  call  General  Meetings  of  the  Subscribers  on 
all  important  Occasions,  and  shall  be  proper  judges 
of  all  Securities  to  be  taken  into  this  Bank,  and  have 
power  to  appoint  persons  to  apprize  and  report  the 
value  of  all  Estates  to  be  taken  as  Securities,  to  give 
Directions  to  the  Trustees  for  Releases  upon  pay- 
ment of  Mortgages,  under  such  Regulations  as  are 
or  shall  hereafter  be  made  for  the  good  government 
thereof  j  none  to  be  capable  of  this  Office,  but  such 


76  CURRENCY  FOR  THE 

as  shall  Subscribe  Five  Hundred  Pounds  in  this 
Bank. 

One  Treasurer,  who  by  Order,  and  under  the 
Hands  of  the  Directors,  or  the  major  part  of  them 
shall  be  impowred  to  pass  out  Bank  Bills,  and  shall 
inspect  and  regulate  the  Books  and  Accompts  of 
this  Partnership,  and  shall  have  the  direction  of  the 
Clerks  in  order  thereto  ;  which  Treasurer  shall  find 
Security  to  be  bound  with  him  in  the  Sum  of  Ten 
Thousand  Pounds. 

One  Head  Clerk,  and  one  Under  Clerk  or  more  if 
need  be ;  each  of  whom  shall  give  to  the  Trustees 
of  this  Partnership,  One  Thousand  Pounds  Secuvity 
or  more  if  it  shall  be  hereafter  thought  needful,  and 
shall  be  Obliged  to  keep  two  setts  of  Books  for  the 
Affairs  of  this  Partnership,  and  give  their  daily  at- 
tendance at  such  stated  hours  as  shall  be  appointed, 
and  observe  such  Orders  as  they  shall  receive  from 
the  Directors  or  Treasurer :  And  in  case  of  the 
Death  [J 3]  of  any  of  the  Clerks,  or  removal  by 
the  Directors  for  mismanagement,  it  shall  be  in  the 
power  of  the  Directors  to  appoint  others  to  Serve  in 
their  stead,  until  the  next  Annual  Meeting,  taking 
Security  as  aforesaid. 

10.  That  for  the  maintaining  of  the  Credit  of 
this  Partnership,  and  preventing  Frauds,  We  oblige 
our  selves,  that  the  Books  be  always  free  to  the  in- 
spection of  the  Subscribers  and  Owners,  and  that 
they  be  posted  up  every  day  if  possible ;  Cast  up  and 
Ballanced  once  a  year,  to  be  offered  to  the  Annual 
Meeting  on  the  First  Tuesday  in  Ju7ie ;  That  there 


MASSACHUSETTS  BAY  77 

be  a  perfect  Register  or  Entry  made  of  all  Mortgages 
and  Pawns  made  to  this  Partnership,  of  all  Assign- 
ments and  Releases. 

11.  For  the  further  ease  of  this  Partnership,  and 
for  preventing  of  Frauds,  we  hereby  agree,  that  any 
person  interested  in  the  same,  who  doth  not  see 
reason  to  take  out  Bills,  he  shall  have  Credit  in  the 
Books,  and  hberty  to  transfer  all  or  any  part  of  his 
Credit  to  any  person  not  under  Ten  Pounds  at  an 
Entry,  the  person  transfering  to  return  his  Note  if 
any  given,  &  a  new  Note  given  to  the  person  trans- 
fered  to,  under  the  Hand  of  the  Treasurer,  and  that 
the  Treasurer  at  the  request  of  any  Owners  of  Notes 
so  Emitted,  shall  exchange  the  same  for  Bills,  dis- 
charging the  Accompt  of  Notes,  and  charging  the 
Accompt  of  Bills ;  and  that  there  shall  be  a  Com- 
mittee of  six  ap-[  14]  pointed  to  prepare,  sign,  indent 
&  perfect  such  a  Number  of  Bills  as  shall  be  agreed 
on  by  this  Partnership,  to  be  put  into  the  hands  of 
the  Treasurer,  and  issued  out  by  Order  of  the  Di- 
rectors according  to  the  Rules  of  this  Partnership, 
which  Committee  shall  continue,  until  the  Partner- 
ship shall  see  reason  to  alter  them,  and  four  of  them 
to  sign  every  Bill. 

12.  That  in  Case  any  person  or  persons  shall 
refuse  to  pay  their  Interest  for  two  months  after  it 
becomes  due,  he  shall  pay  after  the  rate  of  six  ^;er 
Cent  per  Annum  from  the  time  it  becomes  due,  until 
he  make  payment ;  and  if  any  person  Indebted  to 
this  Partnership  be  desirous  to  lessen  his  Debt,  he 
shall  be  allow'd  to  pay  in  any  even  Sum,  not  under 


78  CURRENCY  FOR  THE 

Twenty  Five  Pounds ;  but  if  any  person  shall 
redeem  his  Mortgage  or  Deposuit,  or  lessen  his  Debt, 
in  less  than  three  Months  time  after  the  making 
thereof,  he  shall  yet  pay  three  Months  Interest  for 
the  same ;  and  in  case  he  can't  pay  in  Bank  Bills,  he 
may  pay  in  Province  Bills,  or  Current  Silver  Mony. 

13.  If  any  person  shall  not  redeem  his  Pawn 
deposited,  the  continuance  whereof  shall  be  hazard- 
ous, or  not  pay  his  Interest  for  the  same  at  the  time 
agreed  on,  it  shall  be  lawful  for  the  Directors  of 
this  Partnership,  upon  three  months  notice  given,  to 
Dispose  and  make  Sale  of  such  Pledge,  at  the  best 
Rates  they  can,  rendring  the  Overplus,  if  any  be,  to 
the  Depositor ;  or  if  any  Security  given,  appear  to  be 
[15]  doubtful  in  the  Judgment  of  the  Directors;  it 
shall  be  lawful  for  them  to  demand  a  renewal  or 
augmentation  of  such  or  other  Security,  to  provide 
for  the  safety  of  this  Partnershij). 

14.  When  the  Bills  Emitted  shall  be  much  worn, 
to  avoid  pasting  or  covering  of  them,  the  Possessors 
may  have  them  exchang'd,  and  the  old  Bills  so 
return'd  after  they  have  been  Examin'd,  and  an  Ac- 
compt  taken  of  them,  shall  be  Burnt  by  a  Commit- 
tee appointed  for  that  purpose,  whose  Attestation  in 
Writing  that  they  have  been  Consum'd  into  Ashes, 
shall  be  the  Treasurers  discharo-e  for  the  same. 

15.  That  the  neet  profits  arising  from  this  Part- 
nership, shall  be,  and  belong  to  the  Subscribers  and 
Owners  of  the  same,  their  Heirs  and  Assigns,  in 
proportion  to  their  respective  Subscriptions,  except 
what  is  herein  otherwise  dispos'd  of,  and  shall  be 


MASSACHUSETTS  BAY  79 

under  such  Regulations  as  shall  best  answer  the 
design  in  giving  a  Credit  to  this  Bank,  but  out  of 
the  profits  of  two  first  years,  the  Directors  shall  have 
power  to  purchase  or  build  suitable  Conveniences  for 
the  Affairs  of  this  Bank  before  any  Dividend  shall 
be  made ;  such  a  purchase  being  first  made,  the  neet 
Proceeds  shall  be  divided  amongst  the  Subscribers, 
at  the  expiration  of  two  years ;  but  afterward  the 
neet  Proceed  shall  be  divided  at  every  years  Meeting 
in  June. 

16.  That  when  and  so  often  as  by  the  [J 6]  De- 
cease or  Ahenation  of  any  Estate  by  any  Member 
of  this  Partnership  Mortgaged  to  the  Trustees  for 
the  Uses  aforesaid,  shall  happen  to  be  m vested  in 
any  other  Person  or  Persons ;  That  such  Person  or 
Persons  to  whom  such  Estate  shall  descend  or  be 
conveyed,  shall  within  three  Months  next  after,  give 
notice  to  the  Directors  for  the  tune  being,  at  tlie 
Office  of  this  Bank,  that  so  Entry  of  the  same  be 
made,  for  the  better  direction  of  whom,  to  demand 
the  Principal  and  Interest  of  said  Estate ;  and  such 
person  or  persons  shall  be  obliged  to  observe  the 
Rules,  Covenants  and  Agreements  of  this  Partner- 
ship, and  shall  be  esteem'd  a  Partner. 

17.  That  the  Bills  shall  be  of  several  Denomi- 
nations as  shall  be  agreed  on,  and  of  the  tenour 
following,  but  alterable,  at  the  discretion  of  this 
Partnership  ;  the  Motto  to  be,  Crescit  Eundo. 

THIS  INDENTED  BILL  OF  CREDIT,  OhUges 
Us,  and  every  of  Us,  and  all,  and  every  of  our 
Partners  of  the  Bank  of  Credit   of  Boston   in 


80  CURRENCY  FOR  THE 

New-England,  to  accept  the  same  in  Lieu  of  Twenty 
Shillings,  in  all  Payments,  according  to  our  Arti- 
cles of  Agreement ;  and  that  it  shall  he  so  acce2:)ted 
by  our  Receiver  or  Treasurer,  for  the  Bedemj^tion 
of  any  Pawn  or  Mortgage  in  the  said  Bank. 

Boston,  November  First,  0?ie  Thousand  Seven 
Hundred  and  Fourteen. 

[17]  18.  That  every  Subscriber,  who  shall  Con- 
vey his  Estate  to  the  Trustees,  shall  enjoy  the  same, 
the  Rents  and  Profits  thereof,  until  by  his  default 
in  not  paying  his  Interest,  his  Mortgage  be  sued 
out ;  and  that  every  Subscriber,  who  shall  settle  his 
Estate  on  the  Trustees,  may  withdraw  the  same, 
upon  settling  another  Estate  of  like  value  in  its 
room,  to  the  satisfaction  of  the  Directors  ;  and  such 
new  Estate  so  settled,  shall  be  Entituled  to  the 
Profits,  subject  to  the  Charges  and  Losses  of  this 
Bank,  as  the  former  Estate  so  withdrawn  was. 

19.  And  for  a  further  benefit  to  the  Publick, 
when  there  shall  be  Emitted  and  Continued  at  In- 
terest One  Hundred  and  Fifty  Thousand  Pounds, 
We  give  out  of  the  Neet  Profits  of  this  Partnership, 
the  Sums  following,  Viz. 

Four  Hundred  Pounds  per  Annum  to  the  Use  of 
an  Hospital  or  Charity  School,  for  the  Support 
and  Education  of  the  poor  Children  in  the  Town 
of  Boston,  at  the  discretion  of  such  Persons  as 
shall  he  Chosen  Overseers  of  such  Schools  and 
Hospitals  lohen  Erected :  Provided  the  Inhabitants 
and  Freeholders  of  the  Town  of  Boston,  do,  at  or 
before  their  General  Meeting  in  March,  One  Thou- 


IMASSACHUSETTS  BAY  81 

sand  Seven  Hundred  [18]  and  Fifteen,  order  the 
Treasurer  to  acceiot  the  said  Bank  Bills  in  pay- 
ment of  Toion  Taxes  and  Assessments. 

Two  Hundred  Pounds  per  Annum,  to  he  paid  to 
the  Treasurer  of  Harvard  Colledge  in  Cambridge, 
for  the  Uses  folloioing ,  Viz. 

Twenty  Pounds  per  Annum, /or  a  Mathematical 
Professor  Residing  there,  provided  he  Read  a  Pub- 
lick  Lecture  once  a  Month  on  that  Subject. 

Forty  Pounds  per  Annum /or  the  Encouragement 
of  three  Graduates  Residing  there,  until  they  take 
their  Masters  Degree,  to  be  equally  divided  amongst 
them  ;  the  said  Graduates  to  refund  and  pay  back 
so  far  as  they  have  Received,  if  they  depart  the 
Colledge  before  that  time. 

One  Hundred  Pounds  per  Annum,  for  the  Siqj- 
port  of  six  Ministers  Sons,  to  be  equally  divided 
amongst  them  ;  and  in  Case  there  be  not  six  Min- 
isters Sons,  then  the  remainder  to  be  given  to  any 
other  who  may  stand  in  most  need  thereof',  the 
whole  Two  Hundred  Pounds  to  be  at  the  dispose 
of  the  Corporation. 

Forty  Pounds  per  Annum,  to  a  Professor  of 
Physick  and  Anatomy,  Residing  there  2^rovi-\_\9~\ 
ded  he  Read  a  Lecture  once  a  month,  on  that  Sub- 
ject. 

Twenty  Pounds  per  Annum,  towards  the  further 
support  of  a  Puhlick  Grammar  School  in  each 
County,  now  in  the  Province  of  the  Massachusetts- 
Bay  in  New-England,  provided  such  a  Grammar 
School,  be  Erected  and  Maintained  by  every  such 


82  CURRENCY  FOR  THE 

Countij,  with  an  Addition  of  Forty  Pounds  per 
Annum,  to  eviery  stick  School-Master.  Provided 
Nevertheless,  and  it's  to  be  understood,  that  the 
Ned  Profits  of  this  Bank  or  Partnership)  amount 
to  so  much  as  the  Donations  herein  Expressed,  and 
that  the  Donations  first  mentioned,  he  first  jmid, 
in  case  the  Neet  Profits  fall  short. 

20.  That  the  Office  for  manao-inof  the  Affair  of 
this  Partnership  be  always  kept  in  Boston  aforesaid, 
and  that  every  Subscriber  on  taking  out  by  virtue 
of  his  Mortgage  the  Sum  belonging  to  him,  shall 
pay  in  to  the  Treasurer  for  the  time  being ;  one 
quarter  of  a  years  Interest  for  defraying  the  neces- 
sary Charges  that  may  arise,  in  managing  the  Affair 
of  this  Partnership ;  and  every  Subscriber  shall 
within  three  months  after  his  Subscription  take  out 
his  one  fourth  part  as  abovesaid. 

21.  That  at  any  Annual  Meeting  of  the  Sub- 
scribers, they  may  by  the  major  Votes  then  [20]  pre- 
sent, make  any  Alterations  or  Additions  to  this  Set- 
tlement for  the  better  managing  the  Affairs  thereof, 
not  inconsistent  with  the  foundation. 

22.  That  in  Case  any  of  the  Possessors  of  the  Bills 
happen  to  be  damnified  through  default  by,  or  Non- 
observance  of  the  foregoing  Covenants  and  Agree- 
ments, or  by  any  other  defect  of  this  Partnership, 
or  of  any  of  the  Members  or  Officers  thereof ;  the 
Person  or  Persons  so  damnify'd,  shall  have  remedy 
by  Action  and  Suit  at  Law  against  the  Directors  of 
this  Bank  for  the  time  being,  who  do  hereby  sub- 
ject themselves  to  such  Suit  and  Actions. 


MASSACHUSETTS  BAY  83 

And  we  further  Covenant  and  Agree,  that  there 
shall  he  a  Duplicate  of  these  Articles  duly  Exe- 
cuted, and  lodged  in  the  hands  of  the  Treasurer 
of  the  Town  of  Boston  for  the  time  being,  that 
so  persons  injured  inay  he  in  a  Capacity  to  bring 
their  Suit. 

23.  That  the  Directors,  Trustees,  and  all  other 
Officers  shall  be  indemnify' d  by  this  Bank  from  all 
Charges  and  Damages  which  they  may  sustain  by 
reason  of  their  Trust  and  Office  in  the  due  Execu- 
tion thereof,  and  none  of  them  shall  be  chargeable 
for  the  neglects  or  defaults  of  any  but  his  own. 

24.  That  if  any  Officer  or  Officers,  Mem-[2I]ber 
or  Members  of  this  Bank  or  Partnership,  by  reason 
of  his  Office  or  Partnership,  be  Sued  in  any  Action 
of  Debt  or  Damage,  such  Person  or  Persons  shall 
immediately  give  notice  thereof,  to  the  Directors  for 
the  time  being,  that  they  may  prepare  to  defend  the 
same;  and  that  upon  neglect  of  giving  such  sea- 
sonable notice,  the  Partnership  shall  not  be  oblig'd 
to  indemnify  such  person  or  persons  against  whom 
such  Suit  is  brought,  nor  from  the  Cost  and  Dam- 
age that  may  ensue  thereon. 

25.  Whereas  the  Affairs  of  this  Partnership  can- 
not be  effectually  carried  on  without  the  Election 
and  Constitution  of  the  several  Officers  before 
nam'd ;  We  have  therefore  appointed  Monday  the 
First  day  of  November  next,  the  day  for  such  Elec- 
tion of  seven  Directors,  a  Treasurer,  one  Head 
Clerk,  and  one  Under-Clerk,  and  more  if  need  be, 
who  shall  have  the  power  to  Exercise  their  Respec- 


84  CURRENCY   FOR  THE  MASSACHUSETTS  BAY 

tive  Offices  and  Trusts,  and  continue  the  same  till 
the  First  Tuesday  in  e/wwe,  Seventeen  Ilundred  & 
Fifteen,  and  until  others  be  Chosen  in  their  room 
and  stead  in  such  manner  as  in  these  Presents  is 
Expressed  ;  Provided  there  be  subscribed  the  Sum 
of  Fifty  lliousand  Pounds  on  or  before  the  said 
Day.  And  that  no  Bills  shall  be  Emitted  from 
this  Bank  or  Partnership,  until  further  Subscrip- 
tions make  up  the  Sum  of  One  Ilundred  Thousand 
Pounds. 

[22]  26.  To  the  true  and  faithful  performance 
of  all  and  singular  the  Clauses,  Articles,  Covenants 
and  Agreements,  Forfeitures  and  Penalties  herein 
before  Expressed  :  We  the  Subscribers,  Parties  to 
these  Presents,  Do  mutually  Bind  and  Oblige  our 
selves,  and  each  and  every  of  us,  each  and  every  of 
our  Heirs,  Executors,  Administrators  and  Assigns, 
severally  and  respectively,  each  one  unto  the  other, 
and  to  the  Possessor  or  Possessors  of  the  Bills  of 
Credit,  that  shall  from  time  to  time,  or  any  time 
hereafter  be  Emitted  by  this  Bank  or  Partnership 
in  the  full  Value  of  the  Sums  by  us,  and  each  of  us 
Subscribed  hereto. 

Dated  the  Thirtieth  of  October,  A?i7io  Domini, 
Seventeen  Hundred  and  fourteen,  Annoque  Regni 
Georgii  Magnce  Britanice,  Francice  et  Hihernice, 
Regis  Pinmo. 

[The  copy  of  the  Pamphlet  and  the  facsimile  of  the  title- 
page  were  obtained  through  the  courtesy  of  the  Massachusetts 
Historical  Society.] 


Objections 


TO     THE 


©aitfeoferfiitt 

Lately  Projected  at 

BOSTON. 


Being  a  LETTER  upon  that  Occa- 
sion, to  JOHN  BURRIL,  Esq;  Speaker 
to  the  House  of  REPRESENTATIVES 
for  the  Province  of  the  Massachusetts-Bay^ 
in 

New-England. 


Better  is  a  little  with  Righteousness,  than  great 
Revenues  without  Right. 


BOSTON: 

Printed    by    T.    Fleet,    in    Pudding-Lane,   near 
King-street.  1714. 


86  CURRENCY  FOR  THE 

[3] 


Letter,  &c. 
SIB, 


I 


»^       X,«      «,«      «,K      »|< 


■Sr  x*  ^;J  '^^  '^i^"  Believe  it  can't  be  unknown  to  you, 
That  some  time  the  last  Summer, 
I  presented  a  Memorial  to  His  Ex- 
cellency the  Governour  and  Coun- 
cil, referring  to  the  Bank  of  Credit, 
Projected  by  a  Number  of  Gentlemen,  Merchants, 
and  others  among  us ;  and  you  must  needs  have 
seen  in  the  Publick  News-Pa2:)er,  an  Order  of  Coun- 
cil that  was  passed  upon  that  Occasion  ;  whereby  the 
Projectors  were  directed  to  Proceed  7io  further  in 
that  Affair,  until  the  next  Session  of  the  General 
A.ssemhly,  That  so  the  whole  Government  might 
be  of  Advice  in  a  Matter  of  that  Weight  and  Con- 
sequence. Notwithstanding  all  which,  (I  am  loth 
to  say  in  Contempt  of  it)  the  Persons  Concerned, 
are  openly  carrying  on  their  Bank  with  utmost 
Vigour  and  Expedition ;  as  Supposing,  and  indeed 
Affirming,  That  the  Government  have  nothing  to  do 
with  them  in  that  Affair :  So  that  'tis  very  much  to 
be  questioned,  whether  the  Projectors  will  [4]  make 
any  Application  to  the  General  Assembly  or  not ; 
looking  upon  themselves  very  Well  and  Sufficient 
without  it.  But  does  it  follow,  SIB,  That  the  Gov- 
ernment must  sit  still,  and  neither  Say  nor  Bo  any- 
thing, when  they  see  and  hear  of  a  Projection  that 
is  just  ripe  for  Execution,  which  so  very  much  Im- 


TO    THE    ' 

Lately  Projedcd  at 

S    0   S   T  0   N. 

Being  a  LETTER  upon  that 
Occafion,  to  JOHN  BURRIL,  Efq; 
Speaker  to  the  Hoiife  of  REPRE- 
SENTATIVES for  the  ProYincc 
of  the  MilfachufettS'Bay^  in 

New -England. 


Better   js   a  little  u^ltb    R'lghteonficf^    than 
.great  Re-jer.ues  without  Right. 


B  O  S  T  O  Ni  :r 

Printed    by   T.    Fleet,   in    Vudding-Lane^" 
near  Kwg-Street.   1 7 1 4. 


J.  :■ 


:*.■" 


MASSACHUSETTS  BAY  87 

ports  the  Prerogative  of  the  Crown,  the  Constitution 
and  Laws  of  this  Province,  the  Estates  and  Liber- 
ties of  the  People,  and  that  not  only  for  the  present, 
but  succeeding  Generations  ?     No,  it  can't  be  ! 

I  doubt  not,  but  that  before  I  have  finished  this 
Letter,  to  prove  beyond  all  Question,  and  that  by 
very  good  Reason,  That  as  it  Principally,  and  in  the 
first  Place  behoves  the  Government,  and  General  As- 
sembly of  the  Province,  so  it  really  Concerns  every 
Man  that  has  any  Interest  in  this  Country,  with  great 
Application  to  Enquire  into,  and  seriously  Consider 
the  Nature  and  Consequences  of  this  Bank  of  Part- 
nership, and  that  before  it  take  Effect,  and  there  be 
no  Remedy :  For  do  but  suppose,  SIR,  This  Pan- 
dora's Box  once  opened,  and  Two  Hundred  Thou- 
sand Pounds  of  these  Bank-Bills  Issued  and  Circu- 
lating upon  Loan,  or  otherwise,  and  the  Government 
at  home  should  afterwards,  in  their  Great  Wisdom 
Disapprove  and  Suppress  'em,  or  it  should  other^vise 
Miscarry  and  come  to  [5]  nothing,  by  any  unfore- 
seen Accident ;  into  what  irreparable  Mischiefs, 
Confusion  and  Misery  would  every  body  be  In- 
volved, that  had  to  do  with  'em  ?  and  the  Blame  and 
Reproach  of  it  finally  (with  too  much  Reason)  be 
thrown  and  Center  on  the  General  Assembly :  For 
it  will  be  Natural  for  every  one  then  to  say,  Ay ! 
Why  did  not  the  Government  Interpose  and  Pre- 
vent this  ?  And  it  was  this  very  Consideration  that 
principally  Determined  me  at  this  time,  freely  to 
Communicate  my  Thoughts  upon  this  Matter  :  And 
I  could  not,  I  am  sure,  think  of  a  more  suitable 


88  CURRENCY   FOR  THE 

Person  to  Offer  'em  to,  than  One,  who  has  deserv- 
edly so  g^ood  a  Character  and  great  an  Influence  in 
his  Country. 

But  before  I  proceed  any  further,  I  must  pray  you 
not  to  mistake  my  Design ;  for  my  Intention  is  not 
so  much  to  sit  in  Judgment  upon  this  Bank  Pro- 
jection, as  to  Awaken  the  Government,  (Pardon  the 
Expression)  and  to  Convince  the  Projectors,  that  not 
one  Step  in  an  Affair  of  this  Consequence,  ought  to 
be  taken  without  the  Knowledge  and  Leave  of  His 
Majesty's  Government  of  this  Province,  and  that  for 
these  two  Reasons  :  Principally, 

First.  Because  we  are  a  Dependent  Government, 
and  must  in  all  things  Conform  our  selves  to  the 
Laws  of  Great  Britain,  and  the  Instructions  of  the 
"  Crown ; "  and  therefore  [6]  must  expect  to  give 
an  Account  of  all  our  Matters.     And  then 

Secondly.  Because  the  People  of  this  Country 
have  their  next  and  immediate  Dependance  on  the 
General  Assembly,  wdio  are  therefore  to  see  to  it, 
(as  they  wiU  answer  the  Trust  reposed  in  them)  that 
the  Common-  Wealth  receive  no  Damage  by  their 
Means.  But  to  proceed  in  what  I  have  further  to 
say,  I  shall  take  this  Method.  First  I  shall  give  you 
a  short  Abstract  of  the  Projection  it  self,  and  then 
some  of  my  Sentiments  or  Reflections  upon  it. 

The  Projection  in  short,  as  I  understand  it  is  thus  : 
A,  B,  C,  D,  &c,  to  the  Number  we'll  say  of  one 
Hundred,  by  a  certain  Policy  of  their  own  Framing, 
Aggregate  or  Join  themselves  together  into  a  Com- 
pany or  Partnership,  in  Order  to  make  a  Bank  of 


MASSACHUSETTS  BAY  89 

Credit,  as  they  call  it,  by  Subscriptions,  amounting 
to  Two  Hundred  Thousand  Pounds ;  which  Sum 
they  propose  to  make  into  Bills,  of  Pounds,  and 
Shillings,  and  to  let  'em  out  at  Four  Pounds  ^:)er 
Cent.  Interest;  the  Subscribers  themselves  being 
obliged  to  take  out  one  quarter  Part  of  their  respec- 
tive Subscriptions,  and  give  good  Security  accord- 
ingly ;  the  other  three  Quarters  to  be  let  out  upon 
good  Land  Security,  to  such  as  will  borrow  'em ;  the 
Profits  arising  from  time  to  time,  upon  the  Loan  of 
[7]  the  Bills,  to  be  to  the  Community  or  Partner- 
shij),  excepting  some  Proportions  thereof,  which  they 
propose  for  the  Use  of  the  Government,  the  Town 
of  Boston,  and  some  other  Publick  Uses,  after  the 
Expiration  of  such  a  Time,  and  on  certain  Con- 
ditions therein  Expressed.  And  for  the  better  Man- 
agement of  their  Affairs,  they  have  their  Treasurer, 
Directors,  and  other  Officers,  &c.  But  for  your 
further  Information  of  the  Projection,  I  wiU  now 
Insert  the  Form  of  one  of  their  Bills,  Viz. 

s. 

(20) 

THIS  Indented  Bill  of  Twenty  Shillings, 
Obliges  us,  and  all  and  every  of  us,  and 
all  and  every  of  our  Partners  of  the  Bank  of 
Credit  in  Boston  in  New-England,  to  Accept  the 
same  in  cdl  Payments,  according  to  Covenant 
made  by  us,  on  Publick  Record ;  and  that  it 
shcdl  be  accordingly  received  by  the  Treasurer 
for  the  Pedemption  of  any  Pavm  or  Mortgage 
in  the  said  Bank.     Boston,  &c. 


90  CURRENCY  FOR  THE 

Now  in  the  first  Place,  SIR,  How  Plainly  and 
Greatly  must  the  Prerogative  of  the  Crown,  and  the 
Honour  of  Government  be  [8]  affected  by,  and  con- 
cerned in  this  Projection.  Dare  any  Man  of  Law, 
or  will  any  Man  that  loves  or  understands  any  thing 
of  Government,  Say,  or  Imagine,  That  such  a  Bank 
as  this,  may  Safely,  or  can  indeed  Possibly  be  set  up, 
and  carried  on  without  a  Charter  from  the  Crown  ? 
Shall  a  Number  of  Persons,  of  their  own  Head,  Form 
themselves  into  a  Company,  by  a  Constitution  of 
their  ow-n  making,  and  Erect  themselves  into  a  Body 
Politick,  and  Corporate  to  all  Intents  and  Purposes 
in  the  Law,  so  as  to  Sue  and  be  Sued,  to  Purchase 
and  Grant  Lands  to  take  in  Succession,  with  the 
Power  of  Making  and  Lending  at  one  Stroke,  the 
Modest  Sum  of  Two  Hundred  Thousand  Pounds, 
and  afterwards  as  much  more  as  they  shall  see  meet  ? 
Certainly,  Men  that  Talk  at  this  Rate,  must  be  abso- 
lute Strangers  to  the  Constitution  and  Laws  of  Great 
Britain,  the  Honour  of  Government,  the  very  Notion 
and  Nature  of  Corporations  :  For  any  one  that  has 
but  lookt  into  the  History  of  England  and  London, 
will  find  that  the  several  Companies,  Fraternities,  and 
Corporations  there,  have  been  all  of  them  Created, 
either  by  Charter  from  the  Croimi,  or  by  Act  of 
Parliament,  and  some  of  'em  by  both ;  and  neither 
have,  nor  pretend  to  any  other  Powers,  Franchises 
or  Liberties,  than  such  as  are  Given  and  Limited  to 
'em  in  and  by  their  several  [9]  Charters.  And 
indeed  it  is  altogether  as  Absurd  in  the  Law,  for  a 
Body  Politick  to  create  it  self,  as  in  Philosophy  for 
the  Body  Natural. 


^lASSACHUSETTS  BAY  91 

The  Law-Boohs  of  England^  do  all  Una  Voce 
Proclaim  it  as  an  undoubted  Truth,  That  all  Powers 
Politick,  all  Franchises,  Liberties,  Charters  Cor- 
porations, and  the  like,  are  Derived  from  the  King, 
as  their  Original  Fountain.  And  I  believe  this  is 
the  first  time  that  ever  any  thing  to  the  Contrary 
entred  into  the  Reason  of  any  Man  out  of  Eutopia. 
I  am  sure  the  Great  and  Famous  Bank  of  England 
was  first  Founded,  and  is  still  Supported  on  the 
strength  of  an  Act  of  Parliament,  and  a  Charter  of 
the  late  King  William  and  Queen  Mary  of  Glorious 
Memory  ;  as  may  be  seen  at  Large  by  the  said  Act 
of  Parlia^nent  made  in  the  Fifth  and  Sixth  Years 
of  that  Reign  :  Whereby  Their  Majesties  were  Im- 
power'd  to  Incorporate  a  Number  of  Gentlemen, 
Merchants,  &c.  by  the  Name  of  the  Governour  and 
Company  of  the  Bank  of  England ;  who  were  to 
Govern  themselves  by  certain  Rules  and  Limitations, 
made  partly  by  the  said  Act  of  Parliament,  and 
to  be  made  by  Their  Majesties  in  the  Charter,  and 
which  was  finally  Subject  to  the  Condition  of  a 
Redemption  by  Parliament. 

[10]  But  our  Gentlemen,  it  seems,  have  found 
out  a  nearer  way  to  a  Bank  and  Corporation,  than 
the  Tedious  and  Troublesome  one  of  a  Charter  from 
Home,  or  Acts  of  Assembly  here ;  and  not  only  pre- 
sume to  Licoi-porate  themselves,  and  make  their  own 
Rules  and  Orders,  but  also  very  Dutifully  foreclose 
and  shut  out  the  Government  from  any  Power  of 
Redemption,  or  indeed  any  other  Concern  with  'em. 

Possibly  these   Gentlemen  may  say.  They  don't 


92  CURRENCY  FOR  THE 

pretend  to  Incorporate  or  make  themselves  a  Body 
Politick,  dfc.  but  to  Obviate  that  Objection,  I  shall 
give  you  the  Notion,  and  Nature  of  a  Corporation, 
as  I  find  it  in  my  Lord  Cook's  Institutes,  and  then 
leave  you  to  Judge  how  Inconsistent  this  Objection 
is  with  their  Policy  or  Projection. 

My  Lord  Cook  says,  '  A  Corporation  is  a  Body  to 
'  take  in  Succession,  Framed  as  to  that  Capacity  by 
'  the  Policy  of  Man,  and  called  a  Corporation,  be- 
'  cause  the  Persons  are  made  into  a  Body,  and  so 
'  are  of  Capacity  to  Take  or  Grant,  &c.  with  Powers 
'  to  Sue  or  be  Sued,  di'c.'  Now  'tis  easy  to  observe, 
how  fully  the  Projectors,  in  their  Scheme,  have  come 
up  to  this  Description  of  a  Corporation. 

[n]  As  to  their  Bank-Bills,  I  readily  grant  they 
are  not  Money ;  for  indeed  nothing  can  be  Money 
properly,  and  in  the  Law  of  England,  but  Silver  or 
Gold  (both  which  are  of  an  Intrinsick  and  Univer- 
sal Value)  that  has  the  Impress  of  the  Prince,  and 
made  Current  at  a  Rate,  or  Value  set  by  Act  of  Par- 
liament,  or  Proclamation  of  the  Crown.  However, 
these  Bills  will  have  as  much  the  Face  and  Signa- 
tures of  Money,  as  even  the  Bills  of  the  Bank  of 
England,  or  the  Bills  of  Credit  of  this  Province : 
For  they  are  to  be  Printed,  to  be  Stamped  with  an 
Escutcheon,  to  be  Mark'd  with  Pounds  and  Shil- 
lings :  They  are  to  be  Let  out  at  Interest,  and  finally, 
the  Projectors  themselves  tell  us.  They  are  to  serve 
as  a  Medium  of  Exchange,  which  was  the  First  Rise, 
and  still  continues  the  End  and  Use  of  Money.  But 
that  which  I  Insist  on  under  this  Head  as  before. 


MASSACHUSETTS  BAY  93 

is,  That  no  Person,  or  Number  of  Persons  whatsoever, 
can  Assume,  or  may  Dare  to  take  this  Power  to 
themselves,  but  must  Derive  it  from  the  Crown. 

But  besides  Avhat  I  have  said  of  the  Prerogative, 
the  Nature  of  Corporations  in  General,  with  Po- 
litical Powers,  Liberties,  &c.  and  in  Particular  of 
the  Bank  of  England,  I  must  needs  observe  to  you, 
an  Act  of  Parliament  made  in  the  Sixth  Year  of 
the  Reign  of  our  [J 2]  late  Sovereign  Lady  Queen 
Anne  of  Blessed  Memory,  wherein  it  is  Enacted, 
That  during  the  Continuatice  of  the  Bank  of  Ung- 
land,  it  shall  tiot  be  Lawfid  for  any  Body  Poli- 
tick or  Corporate,  other  than  the  said  Company 
of  the  Bank,  or  for  other  Partners  exceeding  Six  in 
England,  to  Boitow,  or  Owe  any  Sum  on  BUI  or 
Note  Payable  on  Demand,  or  at  any  time  less  than 
Six  Months  from  Borrowing  thereof. 

Now  I  shan't  trouble  you  or  my  self,  to  Argue 
how  far  this  Projection  would  be  a  Breach  upon  the 
Constitution  of  the  Bank  of  England;  yet  I  think 
it  is  very  fair  and  easy  to  observe,  that  so  great  a 
Number  of  Persons,  as  our  Projectors  consist  of,  may 
by  no  Means,  without  a  sufficient  Power  first  had, 
presume  to  Make  or  Issue  these  their  Joynt  Bills 
or  Notes,  For  certainly,  if  the  same  Fact  committed 
in  England,  by  a  Number  exceeding  Six,  would  be 
a  breach  of  Law,  much  more  may  we  suppose  it 
forbidden  and  made  unlawful  for  an  Hundred  to  do 
it  here. 

We  frequently  meet  in  our  Law-Books,  with  In- 
formations in  the  Nature  of  Quo  Warrantos  against 


94  CURRENCY   FOR  THE 

Corporations  and  Bodies  Politick,  for  Usurping 
Powers,  Franchises  and  Liberties  not  belongfingf  to 
them  ;  or  for  abusing  and  acting  contrary  to  those 
that  do.  And  the  [13]  Defence  generally  made  in 
those  Cases,  has  been  Founded  on  their  several 
Charters.  But  now  suppose  such  an  Information 
were  Ordered  to  be  brought  against  these  Projectors, 
what  Defence  in  the  Law  could  possibly  be  made 
by  them,  or  for  them  ? 

I  now  proceed  to  the  next  General  Head  which  I 
proposed,  and  that  is,  How  far  the  Government, 
and  the  very  Constitution  of  this  Province  may  be 
affected  by,  and  therefore  ought  thoroly  to  Inform 
themselves  about  this  Projection  :  And  I  think 
nothing  can  be  plainer,  than  that  the  General  As- 
semhly  of  the  Pro%ance,  are  under  a  necessity  of 
Enquiring  mto  the  Legality,  the  Justice,  the  Safety, 
and  PubHck  Advantage  of  this  Banl',  and  if  judged 
otherwise  ;  by  some  proper  Act,  or  Publick  Order 
to  Declare  against,  and  forbid  it,  until  His  Majesties 
Pleasure  may  be  known  upon  it.  And  as  no  wise 
Man,  or  good  Subject  can  question  the  Power  or 
Justice  of  the  Government  in  so  doing,  so  'tis  much 
to  be  feared  on  the  other  Hand,  in  Case  they  should 
be  wholly  Silent,  they  might  be  called  in  Question 
at  Home,  for  any  ill  Consequences  of  their  Neglect 
therein  :  For  I  can't  agree  by  any  means  with  those 
Gentlemen  that  Argue,  Because  the  Bank  is  Pri- 
vate, and  the  Government  as  such  not  In-[  J4]terested 
in  it,  that  the  whole  Blame  and  Damage  will  fall  on 
the  Projectors.     Can  it  be  Imagined,  that  when  this 


MASSACHUSETTS  BAY  95 

Affair  has  been  so  Publick,  the  Government  Noti- 
fied of  it  so  Effectually,  and  the  Projection  it  self  of 
so  high  and  extraordinary  a  Nature,  That  upon  the 
whole,  no  Account  will  be  demanded  by  His  Ma- 
jesty of  the  Government,  what  Methods  they  took 
upon  this  Occasion,  to  secure  the  Honour  of  the 
Crown,  and  the  Safety  of  the  Subject.  But  be  that 
as  it  will,  I  think  it  very  Unreasonable,  and  abso- 
lutely Inconsistent  with  the  Honour,  the  Power, 
and  Wisdom  of  this  Government,  to  suffer  any  Pro- 
jection whatsoever,  tho'  otherwise  never  so  well 
Framed,  to  be  set  up  and  carried  on,  and  they  have 
no  Advice  about  it,  no  Authority  over  it,  nor  so 
much  as  a  Power  to  Redeem  it,  in  case  they  see  good. 
This  will  be  in  effect,  to  suffer  a  Number  of  their 
own  People  to  set  up  an  absolute  Independent  Gov- 
ernment, which  like  a  Fire  in  the  Bowels,  will  Burn 
up  and  Consume  the  whole  Body.  If  such  things 
as  these  may  be  Tolerated,  'twill  be  a  vain  thing 
any  longer  to  talk  of  Government,  a  Power  of  mak- 
ing Laws,  Regulating  Trade,  &c.  For  they  that  can 
make  at  one  Dash,  the  Sum  beforementioned,  and  as 
much  more  when  they  please,  will  quickly  Govern 
the  Trading  part,  and  by  degrees  [15]  get  the  Land, 
of  the  Country  Mortgaged  to  them,  and  so  at  length 
bear  down  the  Government  it  self,  and  nothing  he 
restrained  from  them.  For  which  Reason  I  hope, 
and  doubt  not,  but  that  the  General  Assembly  of 
the  Province,  will  upon  this  great  Occasion,  exert 
their  proper  Powers,  as  they  have  once  and  again 
heretofore,  when  tbey  have  been  under  any  appre- 


%  CURRENCY   FOR  THE 

hensions  of  Danger,  either  to  the  Government,  or 
the  Publick  Good.  Two  notable  Instances  whereof 
you'll  find  in  the  Memorial^  one  with  respect  to  the 
making  of  Money,  and  the  other  of  a  Partnership 
or  Company,  both  which  are  Published  among  the 
Printed  Acts. 

As  to  the  Act  of  Parliament  of  the  Sixth  of  the 
late  Queen  beforementioned,  the  Act  of  Parliament 
of  late  also  made  referring  to  Money  in  the  Planta- 
tions, the  several  Laws  of  our  own  Province,  with 
respect  to  Money,  and  the  Interest  of  it ;  as  also 
those  that  concern  the  Bills  of  Credit  Established 
on  the  Province ;  all  of  which  wall  more  or  less  be 
Affected,  Invalidated,  and  broke  in  upon  by  this 
Projection.  I  have  taken  so  much  Notice  of  them 
in  the  Memorial,  that  I  shall  forbear  saying  any- 
thing more  on  that  Head  here,  save  only  to  Remark, 
That  as  the  General  Court  or  Assembly  of  the 
Province,  so  [J 6]  certainly  no  particular  Number  of 
Persons  in  a  Company  or  Partnership,  can  Pretend, 
or  must  Presume  to  Institute  or  Establish  any  thing 
Repugnant  to  the  Laws  of  England.  And  so  I 
pass  on,  in  the  last  Place  to  Consider  the  Frame  and 
Nature  of  this  Laudable  Projection,  as  some  are 
pleased  to  call  it ;  and  my  Objections  to  it  are  such 
as  these. 

First.  Its  absolute  Independency  on  the  Govern- 
ment, either  as  to  its  Regulation,  or  the  power  of 
Redemption ;  which,  as  I  observed  before,  is  a  thing 
Intolerable,  and  without  Precedent,  and  never  so 
much  as  entred  into  the  Minds  of  the  Projectors  of 


MASSACHUSETTS  BAY  97 

the  Great  Bank  of  England  to  Ask,  much  less  of 
the  Government  to  Grant. 

Secondly,  I  cannot  see  the  Reasonableness  and 
Justice  of  it,  betwixt  the  Subscribers  and  Borrow- 
ers :  For,  as  I  have  remarked  already,  the  Sub- 
scribers are  obliged  to  take  out  but  a  Quarter  part 
of  their  Subscriptions,  the  other  three  Quarters  is 
to  be  Let  out  at  four^er  Cent.  Interest,  upon  good 
Security.  Now,  according  to  the  common  course  of 
Interest,  in  less  than  Twenty  Years,  and  if  the  Com- 
pany shall  please,  by  issuing  out  a  greater  Quantity 
of  Bills,  in  a  third  part  of  that  Time,  the  Sub- 
scribers will  have  cleared  their  [J 7]  own  Mortgages, 
draw  out  their  own  Stakes,  and  so  have  the  Inter- 
est of  the  whole  to  share  among  themselves,  and 
the  Bubbled  Borrower's  pay  Interest  for  their  own 
Estates.  Pray  where's  the  Justice  of  this  ?  Why 
should  not  the  Borrowers  when  it  comes  to  that, 
have  some  of  the  Profits  of  the  Banh,  when  their 
Estates  are  the  only  remaining  Fund  ?  I  confess,  it 
may  seem  a  very  easy  and  short  Way  of  getting  an 
Estate ;  but  sure  no  Projection  can  expect  to  Suc- 
ceed, that  is  not  Founded  in  Commutative  Justice 
and  Common  Honesty. 

I  should  be  glad  to  know  of  these  Gentlemen, 
that  pretend  to  be  so  Publick  Spirited  in  this  Busi- 
ness, whether  they  could  be  Contented,  and  have 
the  same  Opinion  of  this  Bank,  if  their  Names  were 
taken  out  of  the  Pohcy,  and  an  equal  Number  of 
others  put  in,  and  I  suppose,  without  any  Reflec- 
tion, as  Good  may  be  found,   and   so  instead  of 


OS  CURRENCY  FOR  THE 

beins:  Lenders,  thev  would  become  Borrowers  of 
these  Bank-BUls  ?  I  am  afraid  not !  For  the  Busi- 
ness is,  and  very  good  Business  it  would  be,  in  one 
Day  to  be  Masters  of  150000  /.  and  without  any 
Risque  at  all,  or  any  other  Charge  or  Trouble,  except 
the  Printing  and  Signing  a  few  pieces  of  Paper, 
to  accept  of  Six  Thousand  Pounds  ^^er  Annum  In- 
terest:  By  [J 8]  which  Method,  in  effect,  the  Pro- 
jectors woidd  immediately  have  the  Profits  of  other 
Mens  Estates;  and  finally,  as  the  Matter  may  be 
managed,  the  Estates  themselves,  without  a  valuable 
Consideration  ;  their  Banh-Bilh  being  but  pieces 
of  Paper  that  have  no  other  Value,  but  what  the 
Borrowers  give  them.  And  yet  we  are  made  to 
beheve,  that  the  Borrowers  are  well  dealt  with,  if 
tho'  they  pay  Interest,  yet  they  may  at  last  have 
their  own  Estates  or  Pawns  back  again,  upon  bring- 
ing in  the  Bills.  If  this  be  not  the  Philosopher's 
Stone,  there  is  no  such  thing  in  the  World. 

Thirdly.  It  must,  I  think,  unavoidably  prove  a 
great  Snare  and  Mischief  to  some  People  that  want 
Money  to  pay  their  Debts  or  otherwise,  for  whose 
Ease  and  Advantage  nevertheless  the  Bank  is  Pro- 
jected :  As  for  Example ;  A  Man  owes  me  one 
Hundred  Pounds  upon  Bond,  in  the  Bills  of  Credit 
of  the  Province,  and  very  readily  pays  me  Six  ^:)er 
Cent.  Interest ;  to  Discharge  which,  he  repairs  to 
the  Bank,  and  Borrows  100  /.  in  their  Bills,  and 
comes  to  take  up  his  Bond  :  Can  any  Man  in  Pru- 
dence or  Justice  think,  that  I  shall  take  one  Hun- 
dred Pounds  in  Bank-BUls,  that  will  fetch  but 


IklASSACHUSETTS  BAY  99 

Four  per  Cent,  for  one  Hundred  Pounds  in  Pro- 
vince-Bills, that  People  so  willingly  give  Six  per 
Cent,  for?  No  sure.  I  must  at  least  [J 9]  have  as 
many  of  the  Bank-Bills,  as  will  fetch  Six  ^^^er  Cent. 
And  if  the  Bankers  should  out  of  their  great 
Generosity,  and  in  Compassion  as  they  pretend  to 
such  as  want  Money,  Let  their  Interest  at  three,  or 
two  ^^er  Cent.  Interest,  the  Case  would  be  so  much 
the  worse. 

Fourthly.  What  Security  wiU  the  last  Possessor 
of  these  Bills  have  to  depend  upon,  in  case  this 
Bank  should  be  broke  up,  either  by  the  Govern- 
ment, or  its  self  ?  As  for  Example :  A  Man  has 
one  Thousand  Pounds  of  'em  by  him ;  what  shall 
he  do  with  'em,  when  the  Credit  of  'em  is  come  to 
nothing  ?  For,  by  the  Tenour  of  the  Bills,  as  you 
see,  they  are  only  obhged  to  accept  of  'em  for  the 
Redemption  of  Pawns  or  Mortgages ;  and  this  Pos- 
sessor has  neither  to  take  up.  Possibly  you'll  say 
the  Bankers  will  Assign  him  over  a  Mortgage  :  To 
that  I  answer.  That  the  Foundation  being  gone, 
everything  else  will  faU  with  it.  I  doubt  our  Courts 
would  never  Adjudge  those  Mortgages  to  be  good 
in  the  Law,  being  for  no  Valuable  Consideration,  so 
that  the  Lands  so  Mortgaged,  would  Revert  to  the 
Original  Owners,  like  the  Year  of  Jubilee  among 
the  Jews.  And  then  as  to  the  Possessors  Suing  of 
the  Company  to  make  good  their  Bills,  first  there 
will  be  no  such  thing  in  case  they  be  Dissolved, 
by  Order  of  [20]  Government ;  secondly,  If  in  the 
other  Case,  it  should  sink  of  it  self,  they  may  prove 


100  CURRENCY   FOR  THE 

lusolveiit,  and  so  the  Possessor  be  finely  Lurched : 
For  wliiili  Reason,  all  Wise  Men  will  be  afraid  to 
meddle  with  them,  or  be  sure  to  get  rid  of  them  as 
fast  as  they  can. 

Fifthly.  The  Name  and  Stile  of  this  Projection, 
is  a  Bank  of  Credit :  Now  I  take  it  for  a  certain 
Rule,  That  no  Money-Bank,  as  we  may  call  it,  can 
or  will  possibly  have  any  Credit  that  is  not  Equal, 
either  Really,  or  in  Reputiition,  to  the  True  or 
common  Cm-rent  Money  of  the  Country,  or  Place 
where  such  Bank  is  Erected  :  And  You  may  de- 
pend upon  it,  SIB,  That  if  the  Bills  of  the  Bank 
of  England  it  self  were  not  looked  upon  as  good 
as  Specie,  and  in  eifect  a  Money-Bank,  the  Credit 
of  'em  would  quickly  come  to  nothing.  For  which 
Purpose  there  are  always  kept  in  the  Office  of  the 
said  Bank  in  London,  Vast  Sums  of  Silver  and 
Gold,  to  Exchange  for  their  Bills  to  any  one  that 
demands  it.  Besides  which,  the  Exchequer,  as  you 
may  see  frequently  by  the  London-Gazett,  is  al- 
ways ready  for  that  End  to  Assist  'em  with  what- 
ever Sums  they  may  have  Occasion  for.  But  now 
our  Projectors  don't  so  much  as  pretend  to  have 
the  least  Doight  of  Silver  or  Gold,  or  even  a  Stock 
of  Bills  of  Credit  of  this  Pro\4nce  [21]  to  Answer, 
in  Case  of  Necessity,  or  to  support  the  Credit  of 
their  Bills  withal.  And  I  am  sure  they  have  no 
reason  to  expect  the  Assistance  of  the  Government 
upon  any  Emergency,  since  as  yet,  they  have  not  so 
much  as  Consulted  them  in  the  whole  AfPair. 

Sixthly.    I  cannot  but   think,  the  Making  and 


l^IASSACHUSETTS  BAY  101 

Issuing  so  great  a  Quantity  of  these  Bank-BlUs, 
will  be  attended  with  a  great  deal  of  Mischief  and 
Confusion  as  to  Money  in  General :  Now  Money  is 
of  the  greatest  Importance,  and  last  Consequence 
to  a  Common-  Wealth ;  for  as  'tis  the  Sinews  of  War, 
so  'tis  the  Strength  of  Peace  :  For  which  Reason,  we 
can't  have  too  much  of  that  which  really  is  Money, 
but  we  may  very  easily  have  too  much  of  that  which 
is  not  so. 

The  poorest  Country-Man  in  the  Province,  is  not 
convinced  to  this  Day,  but  that  Silver,  tho'  never  so 
Rough  and  Unpolished,  is  preferable  to  the  finest 
Pa2oer-3Ioney  that  ever  was  seen.  We  have  had  too 
much  Confusion  already  in  the  Province,  by  the  Dif- 
ference that  has  been  made  between  Silver-Money 
and  our  Publick  Bills  of  Credit,  (when  yet  they  were 
Supported  by  the  Government)  and  are  hardly  got 
over  it  to  this  Day.  But  into  what  [22]  a  Gulph  of 
Misery  by  Stock-jobhing  Difference  of  Money,  and 
innumerable  other  Mischiefs  shall  we  be  plunged 
think  you,  when  such  a  Flood  of  Private  Paper- 
Money  comes  to  be  poured  out  among  us  ?  'Tis  now 
more  than  Twelve  Years  since  the  Government  first 
began  to  Make  and  Issue  the  Bills  of  Credit ;  and 
tho'  the  Occasions  and  Necessities  of  the  Province 
have  been  very  Pressing  and  Urgent,  yet  in  all  that 
time,  they  have  made  but  about  Two  Hundred  and 
Forty  Thousand  Pounds  :  But  as  if  that  were  a  small 
Thing,  our  Gentlemen  propose  at  once  to  Make  and 
Issue  out  200  000  /.  And  by  the  same  Reason  that 
a  Bank  is  set  up  in  Boston,  several  others  may  go 


102  CUKRENCY   FOR  THE 

on  ill  the  several  parts  of  the  Province ;  and  what 
can  the  Consequence  of  this  be,  but  to  Confound  the 
People,  and  make  Money  Vile  and  Contemptible; 
and  as  much  as  in  them  lies,  to  Alter  and  Destroy 
the  very  Nature  of  Money  ?  So  that  instead  of 
Answering  all  things,  as  it  has  always  done,  and 
ought  to  do,  it  will  now  Answer  nothing,  and  be 
worse  than  every  thing  else ;  For  that  which  really 
makes  the  Value  of  Money,  among  other  things,  is 
its  Rarity  :  So  that  upon  the  whole,  the  Remedy 
proposed  by  these  Projectors,  will  be  much  worse 
than  the  Disease.  As  to  the  Business  of  Trade,  for 
the  Ease,  Benefit,  and  Advantage  whereof  [23]  this 
Wonderful  Bank  is  Projected,  it  would  be  well  Con- 
sidered, First,  Whether  we  have  not  generally  run 
upon  too  much  Trade  for  our  Profit  already?  For 
if  I  am  not  mistaken,  tho'  I  am  no  Merchant,  the 
greatness  of  the  Credit  given  in  Trade,  has  in  a 
great  Measure,  brought  this  want  of  Money  upon  us. 
I  confess,  as  to  the  Encouraging  the  Produce  of 
our  own  Country,  and  our  own  Manufactures,  the 
Exporting  of  our  own  Commodities  we  cannot  well 
exceed ;  but  if  we  Import  from  Abroad,  more  than 
we  can  Pay  for,  by  what  we  Produce  our  selves,  or 
Purchase  from  others  with  our  own  Commodities,  we 
shall  unavoidably  grow  Poor,  and  a  Million  of  Paper- 
Money  won^t  help  the  matter  at  all :  So  that  the  less 
we  Import  from  Abroad,  the  less  Money  or  Medium 
of  Exchange,  the  Trading  part  will  want.  And  here 
indeed  has  been  our  great  Improvidence  and  Unhap- 
piness  in  this  Country,  (of  late  Years  especially)  that 


l^IASSACHUSETTS  BAY  103 

the  greatest  part  of  our  Consumption  in  Boston,  and 
other  Sea-port  Towns,  almost  to  Food  and  Raiment, 
has  been  of  Foreign  Commodities,  when  the  same 
things  might  be  raised  among  our  selves,  were  the 
Produce  of  our  own  Country  Encouraged,  at  least,  so 
much  as  to  make  a  Ballance  of  Trade  in  our  Favour. 
Besides  all  which,  I  [24]  cannot  but  think  it  the 
Duty  and  Interest  of  our  Merchants  and  Traders, 
who  have  been  the  great  Occasion  of  the  Loss  of 
our  Silver,  to  Project  some  way  of  Recovering  it 
again,  and  manage  the  Trade,  so  as  that  a  good  Pro- 
portion of  Silver  and  Gold  might  once  more  find  the 
way  into  New-England,  and  there  remain  for  the 
Honoui*  and  Service  of  the  Government  and  Country, 
who  have  Suffered  and  been  Exposed  too  much 
already  for  want  of  it;  and  had  not  the  absolute 
Necessity  of  the  Government  and  People  Required 
it,  it  had  been  better  (in  the  Opinion  of  many  Wise 
Men)  for  the  Province,  they  had  never  made  any 
Bills,  or  Paper-Money  at  all. 

I  might  also  mention  the  great  Extravagance  that 
People,  and  especially  the  Ordinary  sort,  are  fallen 
into,  far  beyond  their  Circumstances,  in  their  Pur- 
chases, Buildings,  Families,  Expences,  Apparel,  and 
generally  in  their  whole  way  of  Living :  And  above 
all,  the  excessive  Consumption  of  RJmm  and  Wine, 
as  one  of  the  greatest  Sources  and  Causes  of  the 
present  Distress :  Hereupon  it  must  be  granted  by 
every  one  of  common  Sense  and  Observation,  That 
if  the  Importation  of  Foreign  Commodities  were  less 
and  especially  those  [25]  two  Branches  beforemen- 


104  CURRENCY  FOR  THE 

tioned,  viz.  Hhiou  and  Wine  Reduced  to  what  only 
might  be  Necessary.  Were  but  a  tolerable  Pro- 
portion of  Silver  brought  in  to  us,  which  might  be 
etFected  with  Ease  and  Profit,  were  Frugality  and 
good  Husbandry  Universally  in  Fashion  among  us, 
there  would  not  be  such  a  Clamour  for  want  of  a 
Medium  of  Exchange.  I  confess,  as  things  are  at 
present  Managed  and  Circumstanced  among  us,  both 
Silver  and  Paper-Money  is  become  very  scarce  ; 
tho'  really  more  in  Boston^  and  among  the  Trad- 
ing part,  than  in  Proportion,  in  the  other  parts  of 
the  Province.  And  the  last  Session  of  the  General 
Assemhly,  when  I  had  the  Honoui-  to  be  one  of  an 
Extraordinary  Committee  raised  for  that  Purpose ; 
I  gave  it  as  my  Opinion,  That  considering  the  Z)e- 
mand  of  the  Government  as  to  the  Taxes,  and  the 
great  Occasions  of  the  People  as  to  their  Trade,  it 
might  be  convenient  to  Make  and  Issue  out  a  fur- 
ther Quantity  of  the  Puhlick  Bills  of  Credit,  &c. 
in  such  a  3fethod  as  was  then  agreed  on  :  And  of 
the  same  Opinion  were  all  of  that  Committee,  save 
Two,  as  I  Remember,  and  they  consisted  of  Thirteen  : 
And  accordingly  a  Report  was  made  by  the  Chair- 
Man,  in  the  Name  of  the  rest.  But  how  that  Matter 
dropt  when  it  came  into  the  Lower  House,  I  shall 
not  take  upon  me  here  to  say,  tho'  it  may  easily  be 
guessed  at.  However,  I  perswade  my-[26]self,  that 
when  the  General  Assembly  comes  to  Review  that 
Rejiort,  the  Scheme  then  Agreed,  will  be  found  the 
best,  if  not  the  only  Expedient  to  ReHeve  the  present 
Distress ;  and  the  Gentlemen  that  Oppose  it,  will  I'm 


MASSACHUSETTS  BAY  105 

Confident,  have  no  Thanks  from  those  they  Repre- 
sent. 

SIR,  I  do  not  pretend  in  all,  or  any  thing  that  I 
have  said,  to  be  against  a  Bank  of  Credit  in  Gen- 
eral, were  it  well  Founded,  well  Limited,  and  Regu- 
lated by  the  Government,  and  Equal  to  our  own 
Current-Money ,  as  such  a  Bank  ought  to  be  :  But  I 
am  utterly  against  this  present  Projection,  for  the 
Reasons  I  have  given,  and  many  others  that  might 
be  Mentioned  :  And  since,  as  I  said  before,  and  I 
really  am  of  that  Opinion,  That  there  is  a  Necessity 
of  Supplying  the  People  with  a  further  convenient 
Quantity  of  Bills  of  Credit,  for  the  better  Payment 
of  their  Taxes,  and  the  ease  of  Trade.  I  am  abso- 
lutely for  its  being  done  by  the  Publick,  and  for  such 
Reasons  as  these. 

First.  We  have  had  Twelve  Years  Experience 
already  of  the  Puhlick  Bills,  with  great  Honour, 
Safety,  and  Success ;  Whereas  the  Private  Projec- 
tion, is  a  Path  that  has  never  yet  been  Trod,  and 
what  the  Consequences  may  be,  we  don't  know. 

[27]  Secondly.  The  Bills  of  Credit  upon  the  Pro- 
vince, are  Equal  even  to  seventeen  Penny  half- 
penny Weight,  as  to  the  Publick  Tax,  and  by  a  late 
Act  of  the  General  Assembly,  they  are  made  a  good 
Tender  in  the  Law,  as  to  all  Debts  Contracted  in  the 
Common  Course  of  Trade,  and  by  that  means  upon 
the  Matter,  made  of  an  Intrinsick  Value,  and  so  the 
Credit  of  'em  Firm  and  Necessary, 

Thirdly.  The  Profits  in  Case  the  Government 
Issue  the  Bills,  will  always  Redound  to  the  Publick, 


106  CURRENCY  FOR  THE 

and  so  every  one  will  have  a  Benefit  thereby.  And 
again,  we  may  reasonably  suppose,  that  the  Govern- 
ment would  be  more  Sparing  and  Cautious,  and  not 
so  Lavish  in  Launching  out  their  Bills,  as  a  Private 
Bank  would  be,  not  being  under  the  like  Tempta- 
tion :  By  which  means  the  Credit  of  the  Bills  would 
be  the  better  preserved.  Besides  which,  the  Pro- 
-vdnce  has  once  and  again  made  good  Counterfeits, 
and  further  provided  against  'em,  as  you  may  see  by 
a  Private  Act  made  in  the  Third  Year  of  the  late 
Reign,  and  a  Publick  Act  made  the  very  last  Session 
of  the  Assembly :  Whereas  there  is  no  Provision  at 
all  against  Counterfeits  in  this  Private  Projection. 
And  to  mention  no  more  upon  this  Head,  the  Fund 
of  the  Publick  Bills  of  Credit,  being  the  Province 
in  General,  according  to  the  ordinary  Course  of 
Things,  can  never  be  doubted,  or  in  Danger. 

[28]  I  know  very  well  what  the  Bankers  Object 
to  all  this,  mz. 

'First.  That  as  by  the  Constitution,  it  is  in  the 
Power  of  the  Governour  and  Council  to  draw  out 
the  Pubhck  Money,  so  it  would  be  much  more  in 
His  Power  to  lay  His  Hand  on  the  Money  so  made 
and  Let  out,  it  being  not  raised  for  His  Majesties 
Use,  and  Appropriated,  and  thereby  Endanger  the 
Liberties  of  the  People.  To  this  I  Answer,  First, 
That  according  to  the  Scheme  agreed  on,  and  Re- 
ported by  the  Committee,  The  Principal  and  Profits 
of  that  Money  were  so  Settled  and  Secured,  that 
nothing  less  than  the  General  Assembly  could  Dis- 
pose of  either.     Secondly.    As  the  Projectors  have 


MASSACHUSETTS   BAY  107 

Ordered  their  Bank,  2000  h  of  their  Yearly  Profits 
they  design  to  present  to  the  Government :  Now 
what  they  mean  by  that,  is  uncertain.  Fu-st,  If  they 
mean  a  Governour  that  they  shall  please  to  Hke,  I'm 
sure  it  would  be  a  very  effectual  way  to  Enslave  this 
Country,  by  an  understanding  between  such  Gov- 
ernour and  the  Bank.  Secondly.  If  they  intend 
the  General  Assembly,  then  I  say  as  in  the  3Iemo- 
rial,  That  this  Government  neither  can  nor  ouffht 
to  be  Maintained  in  any  other  Method,  than  by  the 
Charter,  and  Instructions  from  the  Croivn. 

Secondly.  That  the  Government  have  no  Power 
to  do  any  such  thing,  as  to  Make  and  [29]  Lend 
out  any  Publick  Bills ;  but  with  what  Design  they 
make,  and  how  well  they  Enforce  this  Objection,  I 
leave  the  World  to  Judge,  and  with  their  Favour,  I 
should  think  the  General  Assembly  as  Capable  of 
knowing  and  understanding  their  own  Powers,  as  the 
Projectors  for  'em.  I  am  sure  it  was  the  Opinion  of 
the  Coynmittee  beforementioned,  That  the  General 
Assembly  of  the  Province,  were  sufficiently  Impow- 
ered  by  the  Charter,  whenever  the  necessary  Sup- 
port of  the  Government  required  it,  to  Make  and 
Issue  these  Bills  of  Credit  in  the  Method  then  Pro- 
posed. And  their  Opinion  was  Founded  upon  that 
Clause  in  the  Charter,  referring  to  imposing  reason- 
able Assessments,  Taxes,  &c.  In  the  necessary 
Defence  and  Support  of  the  Government,  and  the 
Protection,  and  Preservation  of  the  Inhabitants 
there,  &c. 

Now  First,  There's  nothing  in  the  Charter  Re- 


108  CURRENCY  FOR  THE 

pugnant  to  the  Governments  Issuing  a  further  Sum 
of  Bills.  Secondly,  It  has  been  done,  once  and 
again,  upon  great  Occasions,  and  the  Government 
not  blamed  for  it,  that  I  know  of.  Thirdly,  If  the 
necessary  Support  of  the  Government  of  this  Pro- 
vince, and  the  Preservation  of  the  People,  (for  those 
are  the  Words  of  the  Charter)  require  the  Making 
and  Issuing  a  further  Quantity,  then  'tis  directly 
within,  and  well  Warranted  by  the  Charter,  Now 
I  think  we  are  all  agreed  in  this.  That  neither  [30] 
the  Government  nor  People  (as  to  then-  Trade  and 
Business)  can  well  be  Supported  and  carry  on  their 
necessary  Affairs  much  longer,  without  a  further 
Supply  of  Money,  or  Bills  of  Credit.  Besides  which, 
the  Projectors  would  do  well  to  tell  us,  how  it  comes 
to  pass,  that  they  should  have  so  great  a  Power  of 
SujDplying  the  People  with  Money,  and  the  General 
Assembly  have  none  at  all.  But  certainly,  if  the 
Bankers  are  so  wise  and  Cautious  as  to  the  Powers 
of  Government,  for  fear  they  should  be  exceeded, 
and  the  Constitution  thereby  Endangered ;  it  much 
more  behoves  the  General  Assembly  of  the  Pro- 
vince, to  Exercise  this  Caution,  with  respect  to  this 
Projection,  and  efPectually  secure  the  Honour  and 
Safety  of  the  Government,  the  Estates  and  Liberties 
of  the  People,  which  is  the  very  thing  I  Contend  for. 
And  that  which  Comforts  me  in  what  I  have  said 
and  done  upon  this  Occasion,  whatever  the  Event 
prove,  is.  That  I  have  had  no  Private  View,  or  Sepe- 
rate  Interest,  much  less  any  Prejudice  to  the  Gentle- 
men concerned ;  among  whom  I  have  many  particu- 


MASSACHUSETTS   BAY  109 

lar  Friends;  but  have  Sincerely  aim'd  at  the  Publick 
Good.  SIRy  It  was  the  Excellent  Character  o£  the 
Heads  of  the  Tribe  of  Issachar,  m  DavicVs  Time, 
and  Recorded  for  their  Honour,  and  our  Imitation, 
That  they  were  Men  of  Understanding  in  the  [3 J] 
Times,  to  know  what  Israel  ought  to  do,  &g,  I 
earnestly  Desire,  and  Believe,  That  the  Heads  of  our 
Tribes  like  them,  upon  this  great  Occasion,  may  and 
will  Discern  both  Time  and  Judgment ;  know  and 
seek  the  true  Interest  of  their  Country  :  And  I  shall 
be  glad,  if  I  may  in  any  wise  contribute  to  so  good 
an  End,  by  what  I  have  here  Offered.  You'll  please 
to  Excuse  the  Trouble  of  this  long  Letter,  and  Com- 
municate it  as  you  think  Proper. 
I  am,  SIR, 

Your  very  Humble 
Boston,  October  22.  and  Affectionate  Servant 

'7H-  P.  Dudley 

*    POSTSCRIPT. 

SINCE  the  Date  and  Delivery  of  this  Letter,  I 
understand  the  Bankers  have  new  Modelled 
their  Projection,  and  Reformed  it,  as  they 
reckon,  in  two  Articles  :  But  how  long  this  new 
Scheme  will  hold,  is  uncertain.  First.  Instead  of 
Four,  [32]  they  now  propose  to  have  Five  ^^er  Cent. 
Interest ;  but  they  would  do  well  to  tell  us  by  what 
Law,  or  with  what  Justice  they  can  pretend  to  ask  or 
receive  one  ^^er  Cent,  or  indeed  any  Interest  at  all, 
for  their  own  Bills,  which   (as  before  is  observed) 


110    CURRENCY  FOR  THE  IVIASSACHUSETTS  BAY 

are  nothing  in  themselves,  have  not  the  Foundation, 
the  Advantage  and  Value  of  the  Publick  Bills  of 
Credit  on  the  Province,  nor  ever  can  without  the 
Government,  and  must  be  wholly  obliged  to  the 
Borrowers  for  their  present  w^orth  or  Currency.  And 
I  believe  this  is  the  first  tune  that  ever  Interest 
was  asked  for  any  sort  of  Money  or  Bills  that  had 
not  the  Stamp  or  Authority  of  a  Government. 

Secondly.  They  have  Reformed  the  Fund  also, 
in  obliging  the  Subscribers  to  give  in  Real  Seciuity, 
to  the  Value  of  200000  L  the  full  Sum  of  the  Bills 
proposed  to  be  made,  and  so  not  to  be  obliged  to 
the  Borrowers  for  any  part  of  the  Fund.  I  confess, 
there  seems  to  be  some  Justice  in  this,  and  serves  to 
prove,  that  there  was  Reason  and  Weight  in  my  first 
Objection  to  the  Nature  and  Frame  of  the  Bank ; 
And  when  they  have  Answered  the  rest,  and  made 
a  thorow  Reform  of  their  Projection,  so  as  it  may  be 
Consistent  with  the  Honour  and  Safety  of  the  Gov- 
ernment, the  Liberties  and  Properties  of  the  People, 
and  agreeable  to  the  Rules  of  Reason,  Justice  and 
Equity,  I  believe  every  one  will  Encourage  and  give 
in  to  it. 

FINIS. 

[A  duodecimo  of  thirty-two  pages  including  the  postscript. 
The  author  was  Paul  Dudley,  Attorney-General  of  the  Province. 

The  copy  of  the  pamphlet  and  the  facsimile  of  the  title- 
page  were  obtained  through  the  courtesy  of  the  Boston  Public 
Library.  On  page  19  of  this  copy  of  the  pamjjhlet,  some  per- 
son has  drawn  a  line  through  the  word  "  Interest "  and  written 
"Bills."  The  correction  should  obviously  be  made.  The  word 
occurs  in  the  seventh  line  of  page  99  of  this  volume.] 


LETTER, 


From  One  in 


BOSTON, 

To  his  Friend  in  the 

Country. 

In  Answer  to  a  Letter  directed  to 

yohn  Burril^  Esqr. 

Speaker  to  the  House  of  Re- 
presentatives, for  the  Pro- 
vince of  the  Massachusetts- 
Bay  in  New-England, 


Printed  in  the  Year  17 14. 


112  CURRENCY  FOR  THE 

[J] 

SIR, 

UPON  your  so  earnestly  repeating  your 
Desire  to  me,  to  give  you  my  Thoughts 
or  the  Thoughts  of  the  Gentlemen  of 
this  Town,  relating  to  the  Bank  of 
Credit  Projected ;  and  to  a  Letter  directed  to  the 
SjDeaker  of  the  House  of  Representatives  against  it, 
and  the  Objections  made  against  it  with  no  com- 
mon Applause,  cryed  up  by  the  Court  Interest  as 
Unanswerable  ;  tho  I  readily  acknowledge  my  self 
as  unfit  a  Person,  as  you  could  have  Writ  to  about 
it,  being  not  concerned  with  the  Gentlemen  in  the 
Projection,  and  but  little  conversant  with  them,  and 
in  that  I  pretend  to  little  or  no  acquaintance  in 
State  Affairs,  or  in  Trade ;  yet  when  I  sat  my  self 
down  to  Read  that  Letter,  it  appeared  to  me  so 
trifling,  and  below  the  Character  of  the  Gentleman 
that  Subscribed  it ;  that  it  confirmed  me  in  my 
thoughts,  that  the  Cause  was  not  so  good,  as  some 
Others  he  has  pleaded,  and  invited  me  in  a  few 
Remarks  to  comply  with  your  Request. 

I  frankly  acknowledge,  that  I  have  been  some- 
time of  the  Opinion,  that  a  Bank  of  Cre-[2]dit, 
well  Founded  and  weU  Regulated,  would  be  of  the 
greatest  Advantage  imaginable  to  this  Country ;  and 
therefore  it  was  a  real  pleasure  to  me,  when  I  first 
understood  that  a  Number  of  Valuable  Gentlemen 
were  Concerting  proper  measures  to  accomplish  so 
desirable  an   end.    But  I  must  confess  my  self  to 


:•/ 


LETTER 


From  One  in 


BOSTON. 

To  his    Friend  in  the 

Count j*y. , 

111  Anfwer  to  a  Letter  dirc(5lecl  to 

John   Burrilj   Efqr. 

Speaker  to  the  Houfe  of  Re- 
prefcntativcs,    for  the  Pro- 
vince   of    the  MafachufettS' 
Bay  in  New -•England. 


Printed  in  the  Venr    t7T4. 


IVIASSACHUSETTS  BAY  113 

have  been  at  a  Loss  when  they  had  given  the  fiuish- 
mg-  stroke  to  their  first  Scheme,  wherein  I  appre- 
hend they  had  left  the  foundation  too  fluctuating 
and  changeable  for  a  Land  Bank,  and  that,  tho'  the 
Possessor  of  the  Bills  Emitted,  had  good  Security, 
yet  it  seemed  to  me  that  they  had  not  secured  it 
well  ao-ainst  one  another,  but  had  left  it  too  pre- 
carious and  dependent  on  the  Caprice  of  every  Ac- 
cident, and  the  Probity  and  Justice  of  they  knew 
not  who,  which  might  come  after  them,  yet  I  am 
very  ready  to  excuse  them  that  they  did  not  arrive 
to  the  best  method  in  their  first  Essay ;  but  since 
this  o-reat  Mistake  is  Corrected  in  their  last  Model, 
viz.  by  every  ones  Mortgaging  a  Real  Estate  in  pro- 
portion to  the  Interest  he  is  to  have  in  the  Bank, 
and  so  to  abide  during  its  Continuance ;  hereby 
there  is  suitable  provision  made  not  only  for  the 
Credit  of  their  Bills  and  Notes,  but  a  sufficient 
Obligation  upon  them  to  do  Justice  to  each  other, 
&  to  every  man  that  shall  be  concerned  with  them, 
in  case  the  Bank  or  Partnership  shall  come  to  an 
end  ;  which  the  Author  of  the  [3]  Letter  hin>sclf 
allows  to  be  good  ;  which  in  my  Opinion  before 
was  not :  All  that  I  have  to  do  is  to  blow  off  the 
Cloud  of  Dust  and  Smoke,  which  the  Author  of 
the  Letter  has  covered  the  Bank  with ;  that  when 
it  comes  to  stand  in  its  native  light,  we  may  be  the 
better  able  to  pass  a  Judgment  upon  it ;  and  that  I 
may  have  the  advantage  of  standing  on  my  own 
ground,  (and  be  freed  from  the  incumbrance  of 
making  good  any  of  his)  it  will  not  be  improper  to 


114  CURRENCY  FOR  THE 

tell  you,  how  far  I  can  agree  with  the  Author  of 
that  Letter,  viz.  That  the  People  as  to  their  Trade 
and  JJusiness,  cannot  well  carry  on  their  necessary 
Affairs  much  longer,  without  a  further  Sujyply  of 
Money,  or  Bills  of  Credit,  page  30.  But  there  is 
a  7iecessity  of  sujoplying  the  People  with  a  further 
convenient  rjuantity  of  Bills  of  Credit,  page  26. 
The  Question  then  is,  Whether  the  Publick  shall 
Emit  these  Bills  of  Credit ;  or  whether  it  had  not 
better  be  done  by  a  Company  of  men  in  the  nature 
of  a  Private  Bank  of  Credit.  I  agree  with  the 
Author  also  in  this,  That  I  am  not  against  a  Banh 
of  Credit  in  general,  were  it  well  founded,  well 
regulated,  page  26.  I  leave  out  the  words  (by  the 
Government,)  because  the  Consideration,  whether 
by  the  Government,  or  otherwise  comes  under  the 
foregoing  Quaery ;  so  that  the  Question  here  is, 
Whether  or  no  this  Projection  for  a  Bank  of  [4] 
Credit  he  well  Founded,  ivell  Limited,  and  Regu- 
lated'^ And  here  I  cannot  avoid  doing  the  Gentle- 
men that  Justice  to  say  what  some  of  their  Number 
have  informed  me,  namely  that  when  they  first 
waited  on  his  Excellency  with  their  first  Scheme, 
they  were  desired  to  leave  the  Limitation  to  the 
General  Court,  that  it  was  a  proper  Compliment  to 
pay  them,  to  desire  them  to  set  the  Sum,  which  was 
one  reason  why  there  was  no  Limitation  ;  but  this 
by  the  way. 

We  agree  thirdly.  That  the  Projection  of  a 
Bank  of  Credit,  very  much  imports  the  Preroga- 
tive of  the  Crown,  the  Constitution  and  Laws  of 


MASSACHUSETTS  BAY  115 

the  Province,  the  Estates  and  Liberties  of  the  Peo- 
ple ;  and  that  not  only  for  the  present,  hut  Suc- 
ceeding Generations,  page  4.  For  I  take  it,  that 
the  word  import  when  so  used,  generally  means  to 
be  of  advantage  ;  however  to  deal  fairly,  it  shall  be 
the  question,  Whether  it  im2)orts  to  their  advan- 
tage or  disadvantage,  and  which  does  most  of  all 
im2:)ort  them,  the  Puhlick  or  the  Private  Bank  ?  I 
agree  with  him  also,  That  it  behooves  the  Govern- 
ment and  General  Assembly  of  the  Province,  and 
really  concerns  every  man,  that  has  any  Interest 
in  the  Country,  with  great  application  to  enquire 
into,  and  seriously  consider  the  Nature  and  Con- 
sequences of  this  Bank  or  Partnership,  page  4. 
And  so  Sir,  I  am  sufficiently  warranted  to  make  my 
Enquiry,  and  endeavour  to  set  things  in  a  true 
light ;  but  to  find  [5]  these  things  wherein  we 
agree  so  confusedly  jumbled  together  as  they  are 
in  Mr.  Attorneys  Letter,  that  they  might  appear  a 
sort  of  dark  Arguments  against  a  Bank  of  Credit, 
is  such  a  fine  Amusement  to  the  Ignorant  and  Inju- 
dicious Reader,  and  such  an  odd  way  of  reasoning, 
that  we  could  have  expected  it  from  none,  but  he 
that  had  lost  his  own  eyes,  or  thought  every  body 
else  was  blind.  And  to  be  plain,  when  I  heard  of 
such  a  Letter  published  in  Mr.  Attorneys  Name,  I 
expected  to  find  the  strongest  Arguments,  and  the 
fairest  Pleadings  that  could  be,  against  the  Private 
Bank  of  Credit,  from  a  Gentleman  of  so  brig-ht 
Parts,  and  so  Learned  in  the  Law,  as  is  his  general 
Character :  Yet  I  must  assure  you,  that  I  had  not 


116  CURRENCY  FOR  THE 

read  over  the  lirst  page,  before  I  had  altered  my 
mind,  and  received  this  settled  Idea  of  the  whole 
Piece  ;  that  I  should  find  nothing  in  it  but  Eva- 
sions, Doublings  and  Misrepresentations,  and  some 
few  amusements ;  for  I  was  astonished  to  see  so  fair 
(not  to  say  fake)  a  light  given  to  the  Order  of  the 
Governour  and  Council,  which  being  Publick,  every 
one  has  the  opportunity  to  see  and  judge  of  the  fal- 
lacy. He  tells  us,  page  3.  That  the  Projectors 
were  directed  to  loroceed  no  further  in  the  Affair, 
till  the  next  Sessions  of  the  General  Assembly; 
notwithstanding  all  lohich  (I am  loth  to  say  in  con- 
temjyt  of  it)  the  2^^i^sons  concerned  are  openly  car- 
rying on  their  Bank  with  utmost  Vigour  and  [6] 
Expedition.  How  could  he  Sir,  so  openly  give  us  this 
wrong  Account  of  the  matter?  My  News-Letter 
Printed  by  Authority,  August  23.  tells  me,  that 
upon  Reading,  &c.  Ordered,  That  the  Projectors 
or  Undertakers  of  any  such  Bank,  do  not  2)roceed 
to  Print  the  Scheme,  or  put  the  same  on  Puhlick 
Record,  Make  or  Emit  any  of  their  Notes  or 
Bills,  until  they  have  laid  their  Proposals  before 
the  General  Assembly  of  this  Her  Majesties  Pro- 
vince, who  are  always  ready  to  Encourage  and 
Countenance  any  Proposcds,  &c.  /.  A.  Seer.  Which 
Order,  as  it  was  far  from  forbidding  their  proceed- 
ing any  further  in  that  Affair  ;  as  to  the  digesting 
their  thoughts  upon  it,  and  filling  up  theii'  Number, 
i^c.  but  rather  suppos'd  they  ought  to  wade  through 
all  the  difficulties,  and  bring  their  Scheme  to  its 
perfection,  that  it  might  be  fit  to  lay  before  the 


IMASSACHUSETTS   BAY  117 

General  Assembly ;  so  was  it,  as  I  have  been  well 
informed,  in  every  Article  complied  with,  in  Duty 
to  the  Government ;  and  even  to  this  day  have 
neither  Printed  theii'  Scheme,  Put  it  on  Publick 
Record,  Made,  nor  Emitted  any  of  their  Notes  or 
Bills  ;  so  that  really  Sir,  what  has  been  done  by 
the  Projectors,  won't  bear  so  much,  as  a,  notwith- 
standing, much  less,  «,  loth  to  say  in  contemi^t.  In- 
deed, I  have  heard  it  whispered,  that  they  have 
thought  the  Order  very  hard,  in  that  they  were 
denied  the  benefit  of  the  Press,  and  the  benefit  of 
Publick  Records,  [7]  which  I  shall  leave  :  And  now 
Sir,  after  so  plain,  and  publickly  known,  a  false 
Comment,  upon  the  Order  of  the  Governour  and 
Council,  and  the  Actions  of  the  Projectors  in  the 
very  Entrance  of  the  Letter ;  what  can  be  lookt 
for,  but  Arguments  of  the  same  Kidney  thro'  the 
whole :  And  I  Confess  when  I  had  Read  the  Let- 
ter out,  I  should  verily  have  thought  it  had  been 
Calculated  to  Lull  the  Government  into  a  pro- 
found Sleep,  if  I  had  not  remembred  that  he  said 
page  5.  his  design  was  to  Aioaken  it ;  so  easily 
do  we  mistake  things  till  we  are  informed  better. 
But  not  to  give  you  or  my  self  any  further  trouble 
about  the  design  of  it,  beheving  it  is  not  laid  so 
deep,  but  your  penetration  without  being  put  to 
the  Wreck  will  fathom  it.  I  Return  to  the  first 
Enquiry,  since  'tis  agreed  there  is  a  necessity  of 
a  certain  number  of  Bills  of  Credit,  or  Notes  to  be 
Emitted,  as  a  Medium  in  Trade,  viz.  Who  shall 
Emit  these  Bills'^     Had  the  Government  of  the 


118  CURRENCY   FOR  THE 

Country  best  take  it  on  themselves  ?  or  would  it 
not  be  safer  to  permit  particular  Persons  in  Partner- 
ship to  Issue  out,  and  give  a  Currency  to  their  o^ii 
Notes,  founded  on  their  Lands,  under  the  name  of 
a  Bank  of  Credit  ?  This  is  the  main  Enquiry  which 
now  falls  under  every  Bodies  Examination,  and  be- 
comes the  debate  of  the  Town  this  Winter  Season ; 
and  that  I  may  give  you  my  thoughts  upon  it  freely, 
I  say  [8]  with  all  due  Deference  to  Government,  by 
all  means  let  the  Government  Notes,  Emitted  to 
pay  the  Publick  Dues,  and  called  in  by  Taxes  granted 
as  a  Fund  for  them,  have  all  possible  Honour  and 
Credit  amongst  us  ;  and  if  in  their  great  wisdom 
they  should  see  meet  to  make  it  a  Publick  Charge, 
to  Emit  a  certain  number  of  their  Notes  in  Erectingr 
a  Bridge  over  Charles-River,  and  make  it  a  Toll 
Bridge,  with  suitable  Allowances  to  the  Colledge  at 
present ;  and  suppose  that  Forty  Thousand  Pounds 
were  Issued  out  to  make  it  a  substantial  and  firm 
Bridge ;  and  that  a  Toll  upon  every  thing  passing 
and  carried  over,  should  be  a  Fund  to  Call  them 
in  gradually ;  and  after  that  it  had  cleared  it  self, 
it  should  be  taken  off  from  Passengers,  and  left 
only  for  Carts,  Horses,  &c.  And  the  Colledge  have 
the  Income  for  ever,  or  any  such  Publick  Charge, 
as  Fortifying  the  principal  Town  by  Sea,  Erecting 
Stone  Fortifications  or  Garrisons  on  the  Frontiers, 
or  Erecting  Light  Houses,  for  the  Security  of  Trade  ; 
and  the  Ee-settlino^  the  Eastern  Parts  of  the  Coun- 
try  in  a  Defensible  manner,  in  giving  a  Bounty  for 
the   encouraging    the   Sowing,   water-rotting,   and 


MASSACHUSETTS  BAY  119 

well  curing  of  Hemp  ;  the  encouraging  them  that 
should  make  the  best  pieces  of  Hollands-Duck : 
Which  two  Articles  alone,  it  is  thought  might  so 
effect  the  ballance  of  our  Trade,  as  to  bring  us  in 
Silver  Money;  especially  if  a  Reward  of  Three 
Pounds  [9]  p^r  Head  were  given  for  all  Male 
White  Servants,  that  shall  be  Imported  into  this 
Province,  and  Bound  out  from  the  Age  of  Ten  to 
Eighteen  Years  ;  the  Reward  to  continue  the  Term 
of  Twenty  Years ;  and  this  would  furnish  us  with 
Sailors,  with  Labourers  in  Husbandry  &  Fishery, 
&  Soldiers  for  our  Defence,  whose  Polls  in  a  few 
years  would  pay  it  in  :  And  whereas  now  they  are 
Sold  for  a  Term  of  years,  for  Fifteen  and  Twenty 
pounds  a  Head ;  such  a  certain  Reward  would  in- 
duce men  to  bring  in  such  Numbers,  that  they 
would  be  Sold  for  Five  Pounds,  as  they  are  in 
Pensihania,  and  other  Places,  where  such  certain 
Encouragements  have  been  given.  The  Debts  Con- 
tracted by  these  Emissions  would  be  the  real  Credit 
of  the  Country,  both  Serviceable  and  Honourable, 
the  Strength,  Support,  &  External  Glory  of  a  Coun- 
try; and  whereas  the  Trade  wants  a  Medium  to 
Circulate  it,  there  would  be  no  necessity  of  Laying 
heavy  Taxes,  &  the  Funds  might  be  carried  for- 
wards as  the  Government  woidd  see  cause  ;  for  I 
believe  by  this  time  most  men  of  thought  may  see, 
that  since  Paper  Notes  are  our  only  Medium,  that 
Day  we  are  out  of  Debt,  we  are  out  of  Credit,  and 
must  unavoidably  sink,  unless  there  should  be  found 
out  some  other  way  to  save  us  from  Ruin.     So  the 


120  CURRENCY   FOR  THE 

Question  comes  the  fairer  in  view,  Whether  is  the 
better  of  the  Two,  a  Puhlick  or  a  Private  Bank  ? 
[JO]  I  shall  therefore  in  the  next  Place,  give  you 
those  Reasons  that  are  of  weight  with  me  against  a 
Publick  Bank,  and  Rescue  the  Private  from  the 
Authors  Objections  :  For  these  Reasons  may  not 
the  Publick  Bank  be  Objected  against  ?  May  there 
not  be  a  danger  if  the  PubHck  should  go  on  to  Emit 
Bills  on  Interest,  that  it  will  be  too  great  an  Inva- 
sion of  the  Prerogative  of  the  Crown  ;  For  I  am  apt 
to  think  every  body  will  grant,  that  the  Stamping 
of  Money  is  a  Royalty  invested  in  the  Crown ;  and 
I  am  prone  to  imagine,  that  Bills  Emitted  by  Pub- 
lick Authority  to  Lend  at  Interest,  will  carry  with 
them  many  signatures  of  Money  ;  especially  since 
the  Act  of  this  Province  makes  them  a  Legal  Ten- 
der, so  far  as  no  man  may  be  Imprison'd  for  Debt 
that  Tenders  them;  especially  if  we  Consider  the 
difference  in  the  Emission  of  these  Bank  Bills,  that 
they  are  not  paid  out  of  the  Treasury,  as  the  Notes 
Obligatory  of  the  Government  to  those  they  were 
Indebted  unto,  with  the  Publick  Faith,  phghted  to 
Call  them  in  by  Taxes  ;  and  so  tho'  they  are  of  the 
same  Ten  our,  yet  the  manner  of  the  Emission,  with 
that  Law  cited,  gives  them  the  character  of  real 
Money ;  for  I  cannot  perswade  my  self  to  say  with 
Mr.  Attorney,  that  nothing  can  be  Money  properly, 
but  Silver  and  Gold,  because  that  both  Copper  & 
Brass  have  had  the  Royal  Stamp,  and  Copper  passes 
in  small  Payments,  as  other  Money  in  [H]  Great 
Britain  at  this  day ;  and  I  have  also  heard,  that 


:massachusetts  bay  121 

Leather  was  once  the  current  Coin  of  Rome  :  And 
I  am  very  much  inclined  to  think,  if  the  Crown  of 
England  saw  cause,  they  could  make  Paper  Bills,  so 
stamped,  as  properly  Money,  as  any  Money  what- 
soever. Now  is  there  not  ground  to  fear,  when 
the  Sovereign  has  been  pleased  to  indulge  us  with 
the  Priviledges  of  Emitting  PubHck  Notes  for  the 
defraying  the  necessary  Charge  in  the  Defence  and 
Support  of  the  Government,  and  to  Confine  us  to 
those  Occasions  in  the  Taxes  and  Assessments  al- 
lowed to  be  made  on  the  Inhabitants ;  would  it  not 
be  looked  on  as  an  Incroachment  in  very  deed  on 
the  Royal  Prerogative  for  us  to  exceed,  and  what 
the  Consequence  of  that  will  be,  you  are  a  much 
better  Judge  than  I  am ;  (and  I  have  been  informed 
that  the  Gentlemen  concerned,  have  had  Letters 
from  their  Friends  at  Home,  advising  that  by  no 
means  the  Government  would  be  Concerned  in  such 
a  Fund)  but  if  it  should  not  in  all  the  signatures  of 
Money  be  a  direct  Invasion  of  the  Prerogative,  on 
the  account  of  its  being  really  Money,  yet  would  it 
not  be  a  going  beyond  our  Last  ?  and  a  doing  what 
we  had  no  power  or  warrant  for ;  for  I  look  upon  it 
a  weak  &  foolish  plea,  some  peoples  mouths  are 
filled  with,  viz.  That  we  ought  not  to  debate  about 
the  Power  of  the  Government,  that  it  tends  to 
weaken  us,  and  that  there  are  [12]  enough  that  do 
that,  and  the  like.  I  think  the  way  to  have  our 
Powers  rendred  strong  &  durable,  would  be  to 
Consider  what  they  are,  and  use  them,  and  not  go  to 
the  brink,  or  one  hairs  breadth  beyond  them  :    And 


122  CURRENCY   FOR  THE 

truly  I  fear  there  is  some  design  in  raising  all  this 
smother,  to  blindfold  us,  and  lead  us  whence  we 
cannot  so  easily  return.  I  take  it  that  our  Charter 
sets  us  the  bounds  of  our  Power,  and  tells  us  how 
far  we  may  go,  and  all  without  that  is  forbidden 
ground ;  now  it  is  a  plain  thing,  that  the  Govern- 
ments Emitting  Bills  of  Publick  Credit  on  Interest, 
is  not  to  be  found,  neither  granted  or  warranted  by 
the  Charter,  the  boundaries  thereof  are  Assessments 
and  Taxes,  in  the  necessary  defence  and  su2:)port 
of  the  Government,  and  the  protection  and  j^reser- 
vation  of  the  Inhabitants  there.  -  -  -  Mr.  Attorney 
has  given  it  us,  page  29.  He  was  so  well  apprized 
of  this  Objection,  that  he  lays  out  his  strength  to 
remove  it ;  tho'  I  think  he  has  not  been  able  to 
make  it  stir  one  inch.  He  tells  us,  there  is  nothing 
in  the  Charter  repugnant  to  the  Governments  Issu- 
ing a  further  supply  of  Bills,  page  29.  It  is  very 
true  upon  the  Foot  or  Fund  of  Assessments,  as  they 
have  been  hitherto  Emitted,  for  Paying  the  Debts, 
and  Defraying  the  necessary  Charges  of  the  Pro- 
vince ;  but  once  for  all,  the  Charter  may  well  be 
allow' d  to  be  repugnant  to  all  that  is  not  fairly  Con- 
tained in  it.  He  says  secondly.  That  it  has  [J 3] 
heen  done  once  and  again,  on  great  Occasions,  and 
the  Government  not  blamed  for  it.  The  Govern- 
ment has  Emitted  their  Bills  to  pay  their  Debts,  but 
never  to  Lend  at  Interest,  before  his  Letter  was 
written,  which  is  the  matter  in  Controversy.  The 
Bills  the  Merchants  Lent  to  the  Treasury,  and  the 
Treasury  in  Return,  Lent  the  Merchants  by  Order 


MASSACHUSETTS  BAY  123 

of  Government  on  that  great  Emergency,  were  for 
the  paying  Her  Majesties  Soldiers,  and  would  not 
have  been  Emitted,  but  in  such  an  Extraordinary 
Case,  and  upon  that  bottom,  so  that  it  can  never  be 
made  the  president  to  Lett  out  Bills  at  Interest : 
and  then  he  would  perswade  us  (not  himself)  that 
the  words  the  necessary  Support  of  the  Government, 
protection  and  preservation  of  the  People,  will  allow 
it,  and  so  forsooth  with  an  (if)  it  is  &cra,  then  it 
comes  within  the  Charter ;  and  I  am  verily  per- 
swaded  (if)  he  were  of  Councel  against  us,  he  would 
with  all  imaginable  Justice  declare,  as  every  reason- 
able man  else  (especially  a  Gentleman  of  the  Law) 
would,  that  the  evident  meaning  of  these  words  are, 
the  Charges  of  the  Government  and  the  War,  even 
all  such  Charge  as  the  Inhabitants  shall  be  Assessed 
and  Taxed  for,  and  that  they  have  not  the  least  as- 
pect upon  a  Fund  for  Trade,  or  the  supplying  the 
People  with  a  Medium  of  Exchange,  &  there- [14] 
fore  his  thrusting  the  word,  Government,  and  into 
a  Parenthesis,  as  to  their  Trade  and  Business  into 
the  Sentence  at  page  30.  is  as  arrant  a  piece  of 
Sophistry  as  can  be,  akin  to  his  fore-mentioned 
Arguments,  and  what  I  told  you  at  first  you  must 
look  for ;  I  readily  grant  the  General  Court  here 
must  be  Judges  of  their  own  Power ;  and  there  is  no 
Doubt  but  that  it  is  possible  also  they  may  have 
been,  by  this  Letter  under  the  Attorney  Generals 
Hand,  induced  to  believe  that  they  have  more  than 
really  they  have.  I  am  informed,  that  in  3Iay  Ses- 
sions, the  Sufferers  by  the  late  dreadful  Fire  applied 


124  CURRENCY  FOR  THE 

to  them  for  Relief  to  Lend  them  Money  on  their 
Lands,  they  did  not  apprehend  it  in  their  prudent 
Power  so  to  do ;  &  some  of  as  good  Councel  as  any 
in  this  Province,  have  declared  it  as  their  Opinion, 
that  the  Country  had  not  the  Power  to  form  them- 
selves into  a  Puhlick  Bank,  and  Emit  Money  at 
Interest,  and  how  the  Wisdom  of  the  General 
Assembly  came  to  be  of  that  side,  I  cannot  say 
whetlier  it  is  hard  or  easy  to  guess. 

I  cannot  help  reciting  the  words  of  the  Charter 
here :  We  do,  &c.  Give,  Grant,  &c.  To  Make, 
Ordain,  and  Establish  all  manner  of  Wholesome 
and  Reasonable  Orders,  Laics,  Statutes,  and  Or- 
dinances, Directions  and  Instructions,  either  with 
Penalties  or  withoid,  so  as  the  same  he  not  repug- 
nant or  contrary  to  the  Laws  of  [15]  this  our 
Realm  q/*  England,  as  they  shall  judge  to  be  for  the 
Good  and  Welfare  of  our  said  Province  or  Ter- 
ritory   And  for  the  Welfare,  Support,  and  De- 
fence of  the  Government  thereof.  And  a  little  after 
this  General  Clause,  comes  the  Power  of  Imposing 
Taxes.  To  Lnpose  and  Levy  proportionable  and 
reasonable  Assessments,  Rates  and  Taxes  iqjon 
the  Estates,  and  Persons,  of  cdl,  and  every  the  Pro- 
prietors, or  Lihabitants  of  our  said  Province  or 
Territory,  to  be  Issued  and  Disposed  of  by  War- 
rant, under  the  Hand  of  the  Governour  of  our  said 
Province,  for  the  time  being,  with  the  Advice  and 
Consent  of  the  Council,  for  our  Service  in  the  neces- 
sary Defence  and  Support  of  our  Government,  of 
our  said  Province  or  Territory, 


MASSACHUSETTS   BAY  125 

Upon  which,  and  the  Publicks  Emitting  Bills  of 
Publick  Credit  upon  Interest,  we  may  make  a  few 
Remarks,  for  the  Investigating  of  Truth,  so  much 
embarrassed  by  the  Letter. 

1.  In  the  first  place  then,  I  would  Remark,  That 
by  the  Charter  we  have  a  Power  to  impose  reason- 
able Taxes,  to  be  disposed  of  by  Warrant  under  the 
Hand  of  the  Governour,  with  Consent  of  the  Council, 
for  Defence  and  Support  of  the  Government,  &c. 
This  being  our  Power  and  Limitation,  no  Act  of 
ours  can  alter  the  Power  of  Disposing :  for  the  fol- 
lowing words  according  to  such  Acts,  can  be  under- 
stood I  presume,  no  otherwise  than  for  the  Uses 
Raised,  yet  no  ways  alters  the  foregoing  Clause  of 
the  Governoui's  and  Councils  Power  of  Judging  & 
Disposing  of  it. 

2.  That  the  Clause  for  Imposing  and  Levying 
[16]  Taxes  coming  after  the  General  Power  of  Mak- 
ing Laws  in  the  Charter ;  can  be  I  tliink  understood 
in  no  other  sense  than  a  Limitation  of  the  foregoing 
Power,  and  the  path  of  our  Duty,  in  that  of  Taxing 
the  People. 

3.  That  the  Credit  of  every  Freeholder  is  as  much 
his  Property  as  his  Lands.  Suppose  a  man  gives  his 
Obligatory  Bill  or  Note  to  pay  an  Hundred  Pounds 
on  Demand,  or  to  take  again  in  Payments,  tho'  he 
does  it  to  serve  a  Friend  in  Distress,  yet  so  passing 
his  Bill  in  his  own  Name,  becomes  the  principal 
Debtor,  and  the  Possessor  can  look  for  no  other, 
though  the  Person  takes  private  Security  for  himself. 


126  CURRENCY  FOR  THE 

If  the  General  Court  Emit  Bills  Obligatory  upon 
the  Province,  whether  they  are  not  bound  in  Justice 
and  Honour  to  make  them  good  as  much  as  private 
men  ;  and  whether  it  is  not  creating  a  Debt  upon 
the  Province  for  such  Sums  as  shall  be  so  Emitted, 
which  they  must  make  good  to  the  Possessor,  which 
is  a  biu-den,  and  may  be  called  a  Tax  with  a  Witness. 
Now  it  may  well  be  Qua3ried,  How  far  a  Representa- 
tive Body  or  Free  State  has  a  power  over,  &  a  right 
in  the  Credit,  and  the  Properties  of  the  Principals 
they  represent  ?  Whether  a  free  People  submit  their 
Estates  any  further  to  their  Deputies,  than  to  pay 
the  Proportion  of  the  Charge  that  arises  for  their 
mutual  support  and  Defence  ?  Whether  it  would  not 
be  entring  in  such  a  State  on  the  Properties  of  every 
particular  Person,  who  is  Lord  of  his  Penny,  and 
[J 7]  only  has  a  right  of  Disposing  of  his  own.  It 
is  true,  that  the  Representative  Body  are  said  to  be 
the  Keepers  of  the  Peoples  Purse ;  but  that  can  be 
understood  by  any  Freeman  I  believe  in  no  other 
sence,  than  for  what  it  is,  or  should  be  a  common 
Charge  ;  and  to  state  the  proportion,  if  it  is  question- 
able, in  a  free  State  :  May  it  not  be  much  more  so 
in  a  depending  Government,  whose  Powers  are  Lim- 
ited by  Pattents,  and  are  accountable  for  Usurped 
Powers ;  but  some  say  the  Province  runs  no  risque, 
for  they  are  to  have  the  Profits,  which  are  four  &  an 
half  per  Cent,  for  all  Emitted,  which  will  pay  all  the 
Charge  of  the  Government,  and  the  People  be  set 
free  in  their  Taxes,  and  that  they  may  gain  a  Stock 
in  the  Treasury A  Golden  Bait.     As  for  the 


MASSACHUSETTS  BAY  127 

Risque  the  Province  runs  in  the  Principal  and  In- 
terest, it  is  not  yet  determined ;  it  is  judged  by  some, 
and  those  not  the  most  unthinking,  that  it  is  great ; 
in  that  the  Security  taken  by  the  Trustees  if  it  comes 
to  be  sued  out,  would  be  claimed  for  the  Crown; 
for  in  our  Charter  we  have  not,  as  Sir  Ferdinando 
Gorges  had  in  his,  the  grant  of  that  priviledge  of  the 
Forfeitures  and  Reversions  of  Lands ;  besides  the 
Collusion  that  may  be  introduced,  by  suffering  Lands 
to  be  forfeited  and  redeemed  at  half  price ;  that  as 
to  the  Profits  and  Income  which  is  for  His  Majesties 
Service  in  the  Support  of  the  Government,  it  being 
a  Revenue  to  the  [18]  Crown;  how  natural  does  it 
ly  instead  of  a  Salary  for  a  Governour  to  ask  at 
Home,  in  a  Line  or  two  of  Instructions  for  himself 
and  all  his  Officers,  as  Lieutenant  Governour,  Sec- 
retary, Judges,  Attorney  General,  Captain  of  the 
Castle,  Surveyor  General,  &c.  which  is  not  I  hope 
the  end  intended,  or  the  most  grateful :  Other  diffi- 
culties referring  to  the  Borrower,  not  2:)roper  to  be 
mentioned  may  arise ;  the  Crown  will  not  want  Oc- 
casions of  Disposing  of  their  Revenues,  which  may 
seem  on  due  reflection  to  over-ballance  the  gains 
proposed  :  May  it  not  be  thought  an  hazard,  if  they 
should  go  on  to  Emit  greater  Sums  on  such  a  foun- 
dation, that  the  Crown  may  be  invited  to  take  away 
the  Charter,  and  that  for  the  sake  of  the  Money 
Emitted  as  forfeited  ?  And  may  not  the  Confusion 
be  better  thought  on  than  expressed  on  such  en 
event?  May  not  the  old  Maxim  be  of  use  to  us 
here?  that  in  doubtful  Cases  the  negative  is  the 


128  CURRENCY  FOR  THE 

safer.  I  am  in  duty  bound,  to  suppose  -what  has 
been  done,  was  thought  necessary  by  the  Govern- 
ment in  their  distress ;  unto  whom  I  am  sensible 
we  owe  all  possible  deference  and  respect ;  and  I 
assure  you,  none  is  more  ready  to  pay  it  than  I  am  ; 
yet  in  such  a  weighty  case,  truth  stands  the  elearey 
in  view,  on  a  free,  modest  and  rational  enquiry : 
And  since  the  Interest  arising  from  those  Bills  they 
say  will  be  for  the  support  of  the  Government,  if 
they  will  take  the  Attorney  Gene-[J9]rars  Opinion  ; 
he  has  given  it,  page  28.  That  this  Government 
neither  can,  nor  ought  to  he  maintained  in  any  other 
Method,  than  by  the  Charter,  and  Instructions  from 
the  Crown,  and  I  presume  this  method  is  neither. 
And  to  Conclude  this  Argimient,  we  have  heard  Sir, 
of  Informations  in  the  nature  of  Quo  Warrantors  ; 
and  this  very  Country  has  felt'  the  weight  of  one, 
and  upon  the  very  score  of  Invading  the  Prerogative, 
in  the  Article  of  Money,  and  doing  what  was  said 
we  had  no  warrant  from  Charter  to  do ;  and  cer- 
tainly no  Lover  of  this  Country  can  wish  them  to 
take  such  methods  as  may  be  tho't  to  put  it  in  any 
hazard  of  a  second  Quo  warranto  ;  no,  none  but 
such  as  have  not  scope  enough  already  to  get  Money, 
&c.  extending  Law  Suits,  to  the  enriching  none  but 
themselves.  I  assure  you  Sir,  I  am  the  plainer  on 
these  Heads,  in  that  I  value  the  Liberties  of  my 
Country  so  dearly,  as  never  to  esteem  such  its  best 
Friends,  that  are  willing  to  part  with  them  ;  and  yet 
does  not  the  disputableness  of  this  Power,  if  we 
should  go  on  in  such  a  method,  shew  that  at  least  we 


MASSACHUSETTS  BAY  129 

run  the  risque  of  a  second ;  which  if  it  should  take 
place,  would  not  the  country  (and  with  just  cause) 
cry  out,  Ah !  why  did  the  Government  hearken  to 
Mr.  Attorney's  Letter  ?  Ah  !  Mr.  Attorney,  why  did 
you  so  amuse  and  slily  argue  them  into  it  ?  And  by 
the  way,  the  very  notion  of  a  second  Quo  warranto, 
confirms  what  I  ground  much  of  this  [20]  Argument 
upon,  viz.  that  what  is  not  within  the  Grant  of  the 
Charter,  is  forbidden  to  us,  and  to  be  avoided.  If 
after  all  that  has  been  said  to  the  Power  and  Safety 
of  the  Publicks  going  on  to  Emit  Bills  Obligatory 
on  the  Country,  which  is  making  the  Country  Prin- 
cipal Debtor,  and  to  Let  'em  out  on  Land  Security, 
where  is  the  Limitation  of  the  Power?  the  Gentle- 
man would  do  well  to  explain  it;  if  the  paying  the 
Publick  Charg-e  and  its  Defence  be  not  the  bound- 
aries  and  limitation,  why  may  they  not  Emit  Five 
Hundred  Thousand  Pounds  as  a  Fund  of  Trade,  & 
appoint  Factors  for  the  Government,  that  they  may 
have  the  Profit?  the  difference  seems  only  to  be  in 
the  prudence,  not  in  the  power ;  how  safe  then  is  it 
Living  in  a  Community  where  the  Estates  may  be 
charged  to  answer  more  than  the  value  upon  such 
Projects,  does  not  such  a  Power  render  mens  proper- 
ties in  their  Estates  very  precarious  ?  especially  since 
it  is  hinted,  that  the  Representatives  may  be  kept  by 
the  Charter  as  long  as  a  Prince  lives ;  we  may  open 
a  door  wide  enough  for  the  getting  Estates ;  it  is  but 
dividing  a  number  of  Bills  amongst  themselves,  and 
call  it  for  the  support  of  the  Government,  according 
to  that  argument,  and  it  is  done.     We  have  always 


130  CURRENCY  FOR  THE 

looked  upon  it,  That  an  empty  Treasury  is  very  much 
our  Security ;  This  Government  thought  it  so  wlien 
they  appointed  a  Committee  to  burn  the  Pub- [21] 
lick  Bills  that  were  returned  into  the  Treasury  dur- 
ing the  recess  of  the  General  Court ;  and  prevents 
many  line  Schemes  of  Arbitrary  Power;  a  full 
Treasury  by  a  stated  Revenue  has  the  contrary  con- 
sequences, and  may  soon  involve  the  poor  people  into 
unknown  mischiefs.  No  says  the  Letter,  page  28. 
The  j^rincijyal  Profits  of  that  3Ioney,  according  to 
the  Scheme  agreed  on,  reported  hy  the  Committee, 
were  so  settled  and  secured,  that  nothing  less  than 
the  General  Assembly  could  dis2J0se  of  either. 
This  is  his  main  Argument  against  the  Objection  to 
the  Supply,  &c.  The  Governour  and  Council  has 
the  draught  of  all  Moneys  that  are  Raised  by  the 
Government  according  to  the  Charter,  as  I  observed 
before ;  and  should  the  Publick  Emit  a  large  Sum  as 
is  necessary  for  a  Publick  Bank,  the  Income  thereof 
would  be  inviting,  and  I  doubt  not  of  the  ways  being 
presently  found  to  it,  for  a  Law  contrary  to -the 
Charter  being  void  of  it  self,  would  be  no  boundary  ; 
and  supposing  it  were  not  so,  is  not  the  Governour 
an  essential  part  of  the  Constitution,  and  is  not  his 
Council  necessary  ?  Has  he  it  not  then  in  his  power 
to  come  to  terms  for  his  own  allowances?  Will 
there  be  any  room  left  for  Contests  about  settling 
Salaries  ?  Will  it  not  be  done  to  hand  ?  I  beseech 
you  Sir,  to  Consider  when  this  Pandora's  Box  shall 
be  once  opened,  what  unforeseen  accidents,  what 
irreparable  mischiefs,  confusion  and  misery  would 


MASSACHUSETTS  BAY  131 

[22]  this  whole  People  be  in?  This  is  true,  if 
we  may  take  what  the  Author  of  the  Letter  says, 
they  intend  to  give  the  Government  2\oo  Thousand 
Pounds  a  year.  I  cannot  tell  whether  they  were  to 
fence  out  to  make  such  an  offer ;  if  they  mean  a 
Governour  by  Government,  it  would  he  an  effectual 
method  to  Enslave  this  Country  says  the  Letter. 
Indeed  I  never  knew  that  Governour  and  Govern- 
ment, were  one  and  the  same  word ;  yet  it  is  Ob- 
servable, that  the  Author  of  the  Letter  makes  them 
so.  If  the  General  Assembly  says  the  Author  of 
the  Letter,  then  they  neither  can,  nor  ought,  &c. 
Yet  I  believe  all  Government  have  Liberty  to  accept 
of  Donations ;  but  be  it  so  that  they  cannot,  then 
neither  can  the  Government  be  supported  by  the 
Profits  of  the  Publick  Bank,  for  this  is  not  in  the 
Charter  ;  and  if  the  Authors  Arguments  were  good, 
that  the  Publick  could  not  make  use  of  it,  the  Gov- 
ernour as  he  assures  us,  will  be  sole  Heu-  of  it :  and 
then  what  will  the  gain  of  the  Country  be  ?  Whilst 
I  retort  this  Argument,  I  had  almost  forgot  the 
Clause  in  Hudibras,  that,  no  man  turns  the  Case 
upon  his  own  Concerns.  What  would  become  of 
the  Fund,  if  the  Crown  should  forbid  it  ?  Will  not 
the  Confusion  be  great  on  the  Borrowers?  Jus- 
tinian was  of  Opinion,  that  nothing  could  be  a  Law 
that  was  not  just.  The  Gentleman  who  should  [23] 
promote  such  an  one,  surely  would  have  no  thanks 
from  them  they  represent,  when  they  come  to  feel 
the  ill  effects  of  it ;  but  I  hope  no  such  thing  will 
take  place.    Thus  Sir,  I  have  given  you  some  of  the 


132  CURRENCY   FOR  THE 

thoughts  of  the  Town,  and  the  Reasons  in  particular, 
that  sway  with  me  against  a  PubHck  Bank.  The 
Reasons  why  I  prefer  a  Private  Bank,  are  such  as 
these. 

1.  That  there  will  be  no  Invasion  of  the  Preroga- 
tive ;  for  every  body  as  well  as  Mr.  Attorney  will 
readily  acknowledge  that,  they  are  not  Money,  page 
11.  And  they  may  have  the  face  and  signature  of 
Money,  as  much  as  the  Bank  Bills  of  England,  that 
is  none  at  all ;  for  they  carry  nothing  of  Authority 
with  them,  but  are  only  Notes  on  the  Bank,  pass- 
ing from  one  to  another,  for  so  much  value  as 
is  expressed  in  them ;  which  value  being  deposited 
in  the  Bank,  either  in  Lands  or  other  imperishable 
Estate  as  the  Original  Fund,  and  the  ObHgation  of 
the  several  Partners,  to  take  'em  in  all  Payments, 
excejDt  Specialties,  under  a  great  penalty,  gives 
Credit  to  the  several  Bills  or  Notes  issued  from  the 
Bank. 

2.  Nor  will  a  Private  Bank  open  a  door  of  Arbi- 
trary Power  to  invade  the  Liberties  of  the  People, 
by  a  Governours  handling  at  his  own  pleasure  such 
Sums  as  he  has  occasion  to  make  use  of,  to  promote 
his  own  ends. 

3.  Nor  is  there  any  infringment  of  the  Liberty 
of  the  People,  there  is  no  Tax  requisite  to  [24]  make 
good  the  fall  of  the  Bank,  no  Publick  Warrantee  to 
secure  it,  but  only  the  Estates  of  such  Gentlemen  as 
are  willing  of  their  own  accord  to  Mortgage  'm  ;  that 
by  the  Security  given,  and  their  mutual  agreement, 
their  Notes  should  have  a  Currency,  that  they  might 


MASSACHUSETTS  BAY  133 

serve  the  Countiy,  and  themselves  in  promoting  the 
Trade  of  it ;  so  that  if  the  Bank  be  suppressed,  it 
would  hazard  only  their  particular  Estates. 

4.  It  may  be  Carried  on  as  other  Merchant-like 
Affairs,  by  Factors  or  Trustees,  without  offence  to 
the  Crown,  or  Government ;  This  being  the  head  of 
Argument  that  bears  the  Countenance  of  reasoning 
in  Mr.  Attorneys  Letter,  which  I  shall  Remark  : 
I  take  it  for  granted,  that  it  is  the  Natural  Right  of 
English  to  Trade,  and  to  carry  it  on  in  such  Meth- 
ods, as  they  shall  conceive  to  be  most  advantageous 
to  them ;  and  that  in  order  thereto,  they  have  a  right 
to  take  one  anothers  Word,  Note  or  Bond,  as  the 
Case  may  require,  with  due  regard  had  to  Justice, 
and  the  power  of  the  Legislature,  to  enlarge  and 
hmit  this  Trade,  as  shall  be  tho't  most  suitable  to 
the  Honour  of  the  Crown,  &  the  Pubhck  Weal :  It 
is  in  the  liberty  of  any  m  Trade,  to  enter  into  a 
Covenant,  to  take  one  anothers  Notes,  and  that  they 
might  be  better  known,  they  may  agree  upon  some 
persons  to  form  those  Notes  under  their  hands  for 
them;  &  on  their  making  over  such  Security  as 
there  [25]  is  required,  for  their  mutual  safety,  for 
such  Sums  as  they  shall  emit  or  take,  and  may  agree 
to  pay  such  an  Interest  as  may  support  the  Charge, 
and  Lend  of  their  Credit  to  others  for  their  benefit, 
since  there  is  no  Statute  Law  broken,  &  nothing 
contrary  to  the  Common  Law ;  so  that  the  difference 
between  us  is  not.  Whether  the  Government  cannot 
crush  such  a  Partnership,  for  no  body  denies  that  ? 
but  whether  such  an  Affair  may  be  carried  on  in 


134  CURRENCY   FOR  THE 

a  CoiQpany,  without  being  Incorporated,  without 
beiiiir  a  breach  on  the  Prerogative  of  the  Crown  ? 
Thus  the  Private  Bankers  in  Lumhard- street  Emit 
their  Notes,  and  that  on  Interest  too  without  being 
tho't  so  ;  Oiu-  Fathers  about  Twenty  eight  years 
ago,  entred  into  a  Partnership  to  Circulate  their 
Notes  founded  on  Land  Security,  stamped  on  Paper, 
as  oiu*  Province  Bills,  which  gave  no  offence  to  the 
Government  then,  and  that  at  a  time,  when  the  Pre- 
rooative  of  the  Crown  was  extended  further  than 
ever  has  been  since;  What  Mr.  Attorney  says  of 
the  Bank  of  England,  that  they  obtained  an  Act 
of  Parliament  for  their  Support  is  true,  yet  proves 
nothmg  to  his  purpose ;  for  altho*  a  Company  can 
manage  their  Affairs  better,  and  in  a  shorter  method, 
for  their  mutual  Security  by  a  Pattent  or  Charter 
of  Incorporation,  and  with  the  greater  Security  by 
an  Act  of  Parliament  as  the  Bank  of  England,  by 
the  loan  of  One  Million  Two  Hundred  Tliousand 
Pounds  to  the  Nati-[26]on  obtained,  yet  it  proves 
nothing  that  such  Companies  were  any  breach  on 
the  Prerogative ;  the  Act  of  the  Sixth  of  Queen 
Anne,  quoted  by  the  Author  of  the  Letter,  viz. 
Tliat  during  the  Continuance  of  the  Bank  0/ Eng- 
land, it  shall  not  he  lawful  for  any  Body  Politick 
or  Corj^oration,  or  other  than  the  said  Company 
of  the  Bank,  or  for  other  Partners  exceeding  six 
in  England,  to  borrow  or  owe  any  Sum,  or  Bills, 
or  Note  Payable  on  demand,  or  at  any  time  less 
than  six  months  from  the  borrowing  thereof ;  is 
so  far  from  proving  against  the  Partnership,  that 


MASSACHUSETTS  BAY  135 

strong  Arguments  may  be  drawn  from  it,  of  its  Law- 
fulness: As, 

1.  It  appears  plain,  that  the  Limitation  of  the 
Act  is  to  Encjland,  and  that  during  the  Continuance 
of  the  Bank ;  and  so  is  of  no  force  in  the  Planta- 
tions of  Ireland. 

2.  That  it  is  lawful  now  for  the  number  of  six. 

3.  It  implies  that  they  might  do  it,  before  this 
Act  was  made  in  favour  of  the  Bank  of  England, 
and  consequently  lawful  for  us,  where  that  Act 
never  was  in  force,  which  is  what  we  Contend  for. 

4.  It  implies  that  the  Law  of  England  does  not 
look  on  every  number  of  Partners  to  be  a  Corpo- 
ration purely  for  their  being  Partners ;  and  Mr. 
Attorney  quoting  my  Lord  Cook^s  description  of  a 
Corporation,  and  his  applying  it  to  the  Gentlemen 
concerned  in  the  Projection,  is  nothing  but  an 
amusement,  and  deserves  no  Answer,  in  that  none  of 
the  Essentials  to  such  a  Body  was  pretended  to  by 
them  :  for  a  Pattent  from  the  Crown,  which  gives 
the  Form  and  Being  to  a  Corporation,  was  but  hoped 
for. 

[27]  But  what  I  would  Remark  with  the  great- 
est Complacency,  is  the  applying  this  Law  to  us  in 
New-England ;  for  he  tells  us,  page  12.  If  the 
same  fact  committed  in  England,  by  a  Number  not 
exceeding  six  vjoidd  be  a  breach  of  Laio,  much 
more  may  we  swppose  it  forbidden,  and  ynade  un- 
lav^fidfor  an  hundred  to  do  it  here.  A  nice  way 
of  Arguing,  that  concludes  strongly,  and  deserves 
thanks  for  the  new  Invention  :  Because   Gunning 


136  CURRENCY  FOR  THE 

upon  Boston  Neck  is  forbiddeu  by  a  Law,  therefore 
in  every  Town  of  the  Country,  I  am  apt  to  think 
that  any  man  that  is  able  to  carry  a  Gun,  may  see 
the  folly  of  such  an  Argument :  Truly  it  gives  me  a 
merry  turn  of  thought  to  entertain  the  Idea,  how 
Mr.  Attorney  would  crow  to  hear  his  Antagonist  at 
the  Bar  plead  a  desperate  Cause  with  such  a  mighty 
dint  of  argument  as  this ;  'tis  well  he  did  not  pro- 
ceed, to  give  himself  any  further  trouble  to  argue 
with  the  same  velocity  and  strength,  how  far  the  Pro- 
jection would  be  a  breach  on  the  Constitution  of  the 
Bank  of  England ;  for  we  are  not  able  to  stand  be- 
fore the  whiz  -  -  -  -  But  did  the  Author  of  the  Letter, 
■who  quoted  the  Law,  in  very  deed  believe  it  possible 
that  it  should  have  any  influence  so  far  over  the 
Water?  I  wonder  then  how  it  consisted  with  his 
Consciencious  regard  to  it,  to  advise  the  Publick  to 
Erect  a  PubHck  Bank  of  Credit !  for  I  would  put  it 
to  his  Conscience,  whether  this  Law  is  not  as  point 
blank  [28]  levelled  at  the  Corj>oration,  (which  the 
Government  is)  in  case  they  should  have  the  thoughts 
of  doing  any  such  thing  as  private  Partners,  and 
whether  it  is  not  as  possible  for  the  Government  to 
Set  up  &  Establish  things  contrary  to  the  Laws  of 
England  as  for  private  Persons  ?  and  whether  the 
offence  would  not  be  as  great ;  and  because  I  do  not 
know  but  that  the  Supream  Authority  may  see  cause 
to  crush  any  Bank  set  up  here,  I  will  add,  that  there 
is  no  reasonable  man,  nor  man  of  Law,  nor  man 
acquainted  with  the  nature  of  Government  dare  say, 
that  it  will  be  of  equal  pernicious  consequence,  for 


MASSACHUSETTS  BAY  137 

private  Persons  to  set  up,  as  for  the  Publick ;  for  no 
act  of  private  Persons  can  forfeit  our  Charter ;  it 
must  be  a  Pubhck  Act  to  do  that ;  all  the  mischief 
of  the  Private's  bemg  condemned,  would  be  that  the 
Bank  would  fall,  and  that  the  Bankers  must  make 
good  their  Notes ;  but  if  the  Pubhck  Bank  shoidd 
be  set  up  and  Condemned,  by  that  means  we  should 
be  endanofered  in  our  Charter :  And  I  am  afraid 
there  are  some  men  in  the  world  that  would  gladly 
lay  hold  of  the  first  opportunity  to  deprive  us  of 
it  -  -  -  -  The  Tendency  of  a  Publick  Bank,  as  have 
been  proposed,  is  to  Unite  the  Power  of  the  Country 
and  the  Cash  together,  which  all  wise  people  have 
endeavoured  to  keep  asunder,  in  order  to  preserve 
their  Liberties ;  it  tends  to  bring  all  the  People  into 
a  dependency  up-[29]on  the  Court  Interest;  and 
consequently  to  render  them  Abject  and  Servile, 
which  I  think  no  Lover  of  his  Country  should  pro- 
mote :  As  it  is  proposed  at  present,  it  tends  no  way 
to  help  the  Landed  Interest  in  the  stocking  and 
improving  their  Lands,  but  only  serves  to  remove 
the  evil  day  a  little,  very  little  further  off,  and  then 
runs  them  into  greater  distress.  On  the  contrary, 
the  Projection  for  a  Private  Fund  of  Credit,  which 
since  I  began  this  Letter,  I  hear  is  coming  out  in 
Print,  that  all  may  judge  of  it,  and  no  doubt  will 
be  acceptable  to  the  Country ;  is  so  well  founded 
and  secured,  that  were  they  permitted  to  proceed  and 
Emit  their  Notes,  would  furnish  us  with  a  Medium 
of  Exchange ;  the  Landed  man  might  either  be  Con- 
cerned in  the  Foundation,  or  might  borrow  Credit 


138  CURRENCY  FOR  THE 

^vitllout  any  fear  of  a  sudden  or  surprizing  demand, 
to  the  prejudice  of  his  Affairs,  might  Stock  his  Farm, 
and  be  able  to  lessen  his  Principal,  as  his  Product 
would  enable  him  ;  it  would  be  a  certain  resort  for 
men  to  borrow  Credit  on  any  Emergency ;  it  gives 
the  Industrious  an  opportunity  of  improving  their 
Lands  to  greater  advantage,  which  would  increase 
the  Export  of  the  Country ;  it  could  hurt  none  but 
the  envious,  who  will  do  no  good  themselves,  and 
yet  are  grieved  at  what  their  Neighbour  does.  The 
Pub-[30]lick  Charities  are  not  inconsiderable,  that 
are  Established  in  it ;  in  a  word,  without  it,  we 
cannot  so  comfortably  enjoy  the  Outward  Blessings 
that  Heaven  has  indulged  us  with.  With  it  we 
may  enjoy  all  the  Conveniencies  of  a  Plentiful  Cash, 
without  running  the  risk  of  being  a  Prey  to  an  in- 
vading Foe ;  and  in  that  as  well  as  in  every  other 
respect  would  answer  our  Occasions  as  the  Mines 
of  Peru  or  Potosi :  But  I  think  I  hear  you  in  the 
Country  say,  they  will  not  pay  our  Rates,  and  there- 
fore will  not  answer  our  ends.  In  answer  to  which 
I  would  say,  that  the  Bills  of  Credit  of  the  other 
Provinces  do  not  pay  our  Rates,  yet  have  a  general 
Currency  amongst  you ;  that  the  Gentlemen  con- 
cern'd  to  promote  the  Projection  say,  that  whilst 
there  is  any  of  the  Province  Bills  stirring,  they  would 
change  them  gratis,  when  they  shoidd  grow  scarce 
that  the  People  could  not  obtain  them ;  there  is  no 
doubt,  but  that  the  Government  would  Order  the 
Treasurer  to  take  what  would  answer  their  Occa- 
sions, that  would  pay  the  Souldiers  and  the  other 


MASSACHUSETTS  BAY  139 

Officers  of  the  Government,  and  the  other  Charges ; 
then  they  would  not  have  the  occasion  to  be  at  the 
Charge  nor  Risque  of  making  Bills  of  Credit  if  they 
saw  good ;  it  would  revive  the  Trade  of  the  Pro- 
vince, and  enable  them  to  pay  their  Debts ;  for  as 
things  are  now,  they  cannot  make  Money  but  with 
a  small  part  of  their  produce,  they  are  forced  [31] 
to  Truck  them  away,  so  that  some  are  not  able,  and 
others  take  the  opportunity  to  defraud  the  Country 
Trader,  and  he  of  Consequence  is  not  able  to  pay 
the  Merchant  in  Boston,  to  the  great  Damage  of  the 
whole  Country,  as  well  as  a  Discredit  to  our  Trade ; 
for  the  badness  of  the  Pay  for  want  of  a  Medium, 
obliges  the  Merchant  to  make  a  great  Advance  on 
the  Sale  of  his  Goods,  that  they  are  as  dear  now  as 
in  the  heighth  of  War  ;  the  Country  in  Course  ask 
dear  for  their  Produce,  which  occasions  a  great  Loss 
in  Returns,  and  the  Dearness  of  both  affects  the 
Tradesman,  and  makes  him  ask  dear  for  his  Labour, 
without  which  he  is  not  able  to  Live ;  so  that  as  the 
state  of  our  Commerce  is  now,  every  thing  tends  to 
drive  away  the  Trade  from  us  to  our  Neighbours  : 
The  Fishery  will  fail,  because  they  have  no  Money 
for  it,  and  all  Industry  is  very  much  crampt ;  in  that 
when  men  have  Laboured,  they  are  obliged  to  go  to 
a  Shop  for  Goods  for  their  Pay,  which  often  invites, 
if  not  necessitates  'em  to  spend  more  than  they  want 
of  English  Goods,  to  the  hurt  of  their  Families  ;  and 
by  that  means  brings  us  more  in  Debt  to  England ; 
all  which  would  be  remedied  by  the  Establishing  the 
Land  Bank:  And  whereas  the  Gentlemen  are  apply- 


140  CURRENCY  FOR  THE 

iug  Home  for  a  Charter  from  the  King  to  Incorpo- 
rate theui,  that  they  may  be  the  better  enabled  to 
secure  the  Foundation  and  the  Credit  of  the  Bills : 
I  wish  them  [32]  good  success,  and  doubt  not  the 
whole  Country,  (when  they  have  a  clear  view  of  their 

best  Interest)  will  say,  Ame7i And  whereas  some 

of  you  in  the  Country  object,  that  if  such  a  Com- 
pany goes  forward,  they  will  have  all  the  Lands  in 
the  Country  :  In  answer  to  which  Objection,  it  would 
be  worth  while  to  Consider  the  Scheme  how  it  is 
guarded,  and  it  will  easily  be  apprehended  that  the 
Charge  is  groundless ;  for  the  Lands  will  be  taken 
in  at  little  more  than  half  the  value,  and  whilst  the 
Borrower  pays  his  Interest  Money,  the  Bank  will 
never  trouble  him ;  if  he  neglects  that,  he  will  stand 
a  year  longer  before  he  can  be  Sued  for  it ;  and 
no  man  will  let  his  Land  go  at  half  the  value ;  his 
Neighbour  wiU  sooner  buy  it  of  him  than  let  it  go  at 
so  low  a  rate ;  but  if  the  Bank  recovers  it,  they  must 
Sell  it,  for  they  have  not  asked  leave  to  purchase 
Lands ;  then  there  is  three  years  right  of  Redemp- 
tion left  to  the  Owner :  if  the  Land  sells  for  more, 
the  Bank  returns  the  Overplus,  which  I  think  suffi- 
ciently takes  off  the  weight  of  that  Objection  :  Be- 
sides, as  it  is  proposed  by  the  Publick,  there  will  be 
but  few  Borrowers,  but  what  are  in  distress  to  put 
it  off  the  further,  because  they  are  sure  of  being 
straitened  at  the  expiration  of  the  five  years  to 
pay  it  in ;  yet  in  this  Projection,  every  Partner  is 
obliged  [33]  to  take  out  a  quarter  part  of  what  he 
Subscribes,  to  bring  out  a  Medium  of  Exchange : 


MASSACHUSETTS  BAY  141 

But  I  shall  tire  your  patience  in  enlarging  on  the 
pleasant  Subject,  in  which  we  have  a  prospect  of 
relief  under  the  present  and  growing  distress  :  I  shall 
make  a  few  more  transient  Remarks  and  Close.  The 
Letter  says,  page  15.  That  the  several  Laws  of  this 
Province  respecting  Money,  or  the  Interest,  are 
broke  in  upon  hy  the  Projection :  It  is  so  far  from 
being  so,  that  it  directly  has  a  contrary  view ;  the 
Act  of  the  Fifth  of  William  and  Mary  about  the 
Interest  of  Money  is  broke  in  upon,  because  we  fix 
the  Interest  at  less  than  six  per  Cent,  when  the  pre- 
amble of  the  Act  says,  for  as  much  as  the  abatement 
of  Interest  has  always  been  found  beneficial  to  the 
Advancement  of  Trade,  and  the  Improvement  of 
Lands  by  good  Husbandry  ;  which  is  the  very  thing 
we  have  consulted.  I  have  with  care  examined  all 
the  Laws  of  this  Province,  relating  to  Money  or  Bills 
of  Credit,  and  the  several  Acts  of  Parliament  quoted 
in  the  Letter  too  many  to  be  recited,  and  cannot 
for  my  life  imagine  that  any  Lawyer  besides  Mr. 
Attorney  could  find  that  they  were  invaHdated,  or  in 
the  least  broke  in  upon  by  this  Projection ;  and  now 
that  any  person  acting  as  he  apprehended  in  his 
Office  as  Attorney  General  should  insinuate  to  the 
Government,  and  publish  to  the  World  in  Print,  that 
they  have  [34]  been  all  broke  in  upon  is  very  strange 
and  unaccountable :  His  Insinuation,  page  18. 
That  the  Bills  being  but  pieces  of  Paper,  have  no 
other  value  than  what  the  Borrower  gives  'em,  is  a 
very  ungrounded  (I  am  loth  to  say  false)  Assertion, 
in  that  they  are  Notes  Issued  out  under  the  Hands 


142  CURRENCY  FOR  THE 

of  them  that  are  abundantly  sufficient  to  make  them 
good,  and  who  were  obliged  not  only  to  that,  but 
under  a  Flftij  Pound  Penalty  to  take  them  in  all 
Payments,  and  the  Borrower  being  at  his  liberty, 
must  be  bubbled  indeed  to  take  them  out,  if  they 
would  not  answer  his  Occasions,  in  l^'^'-U^  l^-  ^^  as- 
serts, that  the  Projectors  are  only  obliged  to  accept 
of  them  for  the  redemption  of  Pawns  and  Mort- 
gages ;  and  supposes  that  the  Possessor  has  neither, 
referring  to  the  Tenour  of  the  Bill :  See  his  own 
recital  of  the  Bill,  page  7.  Obliges,  &c.  to  accept 
the  same  in  all  payments,  according  to  Covenant 
made  by  us  ;  (or  rather  see  the  true  Form  or  Tenour 
of  the  Bill  in  the  Scheme  Printed)  both  which  so 
manifestly  contradict  his  Assertion,  and  at  first  sight 
tended  to  mislead  the  Honourable  House  of  Repre- 
sentatives in  Matters  of  Fact,  that  it  is  unaccount- 
able he  should  offer  it.  As  for  his  gross  Charge  of 
Contempt  of  Government,  I  suppose  the  Gentlemen 
will  vindicate  themselves ;  I  have  heard  say,  they 
are  sufficiently  able,  as  well  as  obliged  :  his  breviate 
of  the  Scheme,  and  his  Tenour  of  the  Bill  being 
a  [35]  gross  misrepresentation,  and  his  reflections 
made  thereon,  consequently  ill  grounded,  I  do  not 
trouble  you  with  a  Confutation,  they  fall  of  them- 
selves, page  13.  He  says.  That  the  General  As- 
semhJy  are  under  a  necessity  of  enquiring  into 
the  Justice,  Legality,  the  Safety,  and  PuMick  Ad- 
vantage ;  wherein  I  agree  with  the  Author,  and  I 
believe  the  Gentlemen  concerned,  would  have  been 
glad  if  it  had  been  duly  weighed,  and  fully  consid- 


MASSACHUSETTS  BAY  143 

ered  before  they  had  been  prohibited  ;  and  whereas 
no  man  has  ever  proved  it  to  be,  either  unjust,  ille- 
gal or  unsafe,  or  not  for  the  Publick  Good  j  and 
the  contrary  I  think,  is  sufficiently  evident  to  any 
disinterested ;  the  Gentlemen  that  they  might  pro- 
ceed in  their  AfPair  without  offence,  (since  he  de- 
sires that  it  might  be  forbidden,  until  His  Majesties 
Pleasure  is  known ;)  have  agreed  by  a  Humble  Peti- 
tion, to  lay  it  before  His  Majesty,  praying  for  a 
Charter  of  Incorporation,  to  enable  them  with  the 
more  security  to  Circulate  their  Notes  founded  on 
their  Lands :  The  Author,  page  20.  and  18.  seems 
Concerned  about  the  Credit  of  the  Bank  Notes,  and 
that  for  two  Reasons ;  the  lowness  of  the  Interest, 
&  the  Foundation  being  Land  and  not  Money,  to 
answer  the  Notes  :  As  for  the  Interest  which  is  set 
at  Five  per  Cent,  it  is  what  the  Publick  has  seen 
reason  to  set  theirs  at,  and  therefore  may  be  sup- 
posed their  reason  was  good  ;  the  value  of  Money 
or  Notes  ne-[36]ver  was  founded  on  the  Interest,  but 
what  they  would  purchase  of  Land  or  Merchandizes  ; 
the  Interest  is  justly  lower'd  by  the  abundant  Secu- 
rity required,  which  is  considered  in  the  nature  of  a 
Sum  paid  in  hand  by  way  of  fine,  as  in  the  Leases 
of  Lands  to  lower  the  Annual  Rent.  As  for  Land 
Foundation,  the  only  measure  of  valuation  we  have 
left,  and  the  best  (in  that  Silver  has  altered  four 
parts  in  five  within  this  two  hundred  years,  as  is 
affirmed  by  good  Authors)  to  found  our  Notes  on, 
in  that  our  Trade  will  be  governed  according  to 
our  produce  either  in  our  own  growth,  or  what  by 


144  CURRENCY  FOR  THE 

our  Iiuliistry  we  Import  from  others,  to  Export  by 
way  of  Returns  to  Great  Britain^  which  wholly  takes 
off  the  common  cry  by  way  of  amusement  against 
it,  that  we  are  extravagant  in  our  Consumptions, 
and  Over-traded,  which  tho'  they  may  be  true  in 
themselves,  are  nothing  promoted  by  this,  in  that 
the  Notes  cannot  be  sent  off.  Mr.  Attorney  tells 
us,  page  30  that  in  what  he  has  done,  he  had  no 
private  vieio,  or  separate  Interest,  nor  any  preju- 
dice to  the  Gentlemen  concerned,  among  whom  he 
has  many  partkidar  Friends,  hid  has  sincerely 
aimed  at  the  Publick  Good.  I  believe  the  Gentle- 
men concerned  do  not  think  he  has  treated  'em  like 
Friends,  who  they  say  never  came  amongst-  them 
to  reason  about  the  Scheme  ;  but  in  his  Letter  has 
drest  them  Alamode  the  Spanish  Inquisition,  with 
horrid  pictures  on  their  Design,  that  [37]  they 
might  be  deHvered  over  to  the  Secular  Power,  to  be 
punished.  And  as  for  his  design  and  separate  In- 
terest, being  one  that  improves  his  Stock  by  Letting 
Money  at  Interest ;  if  he  had  not  told  us  so,  we  should 
have  been  apt  to  have  believed  the  contrary,  and 
may  be  worthy  of  a  second  view  and  Reflection  by 
him,  as  well  as  the  Portion  of  Sacred  Writ,  so  much 
abused  as  to  be  set  in  the  Frontispiece  of  his  Letter, 
which  I  shall  take  the  freedom  to  repeat  to  his  Con- 
sideration in  the  very  words.  That  better  is  a  little 
with  Righteousness,  than  greed  Revenues  without 
Right.  And  now  Sir,  I  have  given  you  a  few  of 
the  many  dark  thoughts  of  the  Town,  relating  to 
the  Letter,  and  the  Publick  Bank  Projected  ;  as  also 


MASSACHUSETTS  BAY  145 

some  of  tlieir  hopes  of  the  Success  of  the  Private. 
If  what  has  been  written  may  contribute  to  the  set- 
ting Truth,  and  the  Interest  of  the  Country  in  a 
clearer  Light  in  your  Parts,  it  will  be  a  sufficient 
Reward,  and  an  entire  Satisfaction, 

To  your  Humble  Servant, 

New-England,  F 1.    B---t, 

Anno  1714. 

[A  duodecimo  of  thirty-seven  pages.  The  pamphlet  from 
which  this  copy  was  made,  as  well  as  that  in  the  Boston  Puhlic 
Library,  contains  the  following  corrections  :  On  page  130  the 
word  "  Council  "  in  the  seventh  line  from  the  bottom  is  changed 
to  "  Consent."  On  page  131  the  last  word  of  the  fourth  line  is 
"  to,"  and  the  first  word  of  the  next  line  is  "  fence."  This  ex- 
pression is  changed  to  "  not  once."  On  the  same  page  the  word 
"  gentleman "  in  the  fifth  line  from  the  bottom  is  altered  to 
"  gentlemen."  On  page  133  the  word  "  men  "  is  written  after 
"  English  "  in  the  tenth  line. 

The  copy  of  the  pamphlet  and  the  facsimile  of  the  title-page 
were  obtained  through  the  courtesy  of  the  Massachusetts  Histori- 
cal Society.] 


A 

VINDICATION 

OF     THE 

BANK 

O  F 

Credit 

Projected  in  Boston  from  the  Aspersions 
OF 

Paul   Dudley,    Esqr, 

I  N     A 

LETTER 

By  him  directed  to  yohn  Biirril  Esqr.  Late 
Speaker  to  the  House  of  Representa- 
tives for  the  Province  of  the  MassacJm- 
setts-Bay  in  New-England. 

Printed  in  the  Year  17 14. 


148  CURRENCY   FOR  THE 

[J] 

A 

VINDICATION 

OF  THE 

Bank  of  Credit,  &c. 

To  Joh?i  Burril,  Esqr. 

SIR. 

MR.  Attorney  General,  by  his  Letter  of 
the  Twenty  Second  of  October  last 
past  to  your  Self,  as  Speaker  to  the 
House  of  Representatives  for  this 
Province,  having  most  unaccounta- 
bly, with  an  uncommon  Freedom,  taken  upon  him 
to  Insult  and  Arraign  a  Considerable  Company  of 
Gentlemen  Merchants,  &c.  (as  he  is  pleased  to  stile 
them)  Projectors  of  the  Bank  of  Credit,  and  call 
them  to  the  Bar  of  that  Honourable  House,  Charge 
ing  them  with  the  many  High  Crimes  and  Misde- 
meanours following. 

First,  That  they  are  openly  carrying  on  their 
Bank  with  utmost  Vigour  and  Expedition,  in  Con- 
tempt of  an  Order  of  Council ;  and  indeed  affirm- 
ing, that  the  Government  [2]  have  nothing  to  do 
with  them  in  that  Affau* :  And  that  they  look  upon 
themselves  very  Well  and  sufficient  to  carry  it  on 
without  making  any  Application  to  the  General 
Assembly.      Vide  page  3,  4. 


I  ^  11 

VINDICATION 

OF      THE 

BANK 

O  F 

Credit 

Projcdcd  in  Boflon  from  the  Arperfions 

O  F 

Paul  Dudley,  Efqr. 

LE  t t  e  r 

By  him  direded  to  '^fohn  Burnt  Efqr.  L.ate 
Speaker  to  the  iioufe  ot  Reprefenta- 
tives  for  the  Province  of  the  AiaffAclm- 
fctts-'Say  in  1<ljW'EngUnd. 


Printed  in  the  Year    1714- 


V 


MASSACHUSETTS  BAY  149 

Secondly,  that  their  Bank  is  Pandords  Box, 
Page  4. 

Thirdly,  That  their  Projection  is  just  Ripe  for 
Execution,  which  will  more  or  less  affect,  invahdate 
and  break  in  upon  the  Prerogative  of  the  Crown, 
several  Acts  of  Parliament,  the  Constitution  and 
Laws  of  this  Province,  the  Estates  and  Liberties  of 
the  People ;  and  that  not  only  for  the  present,  but 
succeeding  Generations.     Page  4,  7,  15. 

Fourthly,  That  their  Projection  is  a  thing  In- 
tolerable, Unreasonable  and  Unjust,  not  founded 
in  Commutative  Justice,  and  Coimnon  Honesty, 
and  must  unavoidably  prove  a  great  Snare  and  Mis- 
chief to  People  that  want  Money  to  pay  their  Debts, 
or  otherwise,  for  whose  ease  and  advantage  the 
Bank  is  Projected.     Page  16,  17,  18. 

Fifthly,  That  the  Business  of  the  Projectors  is  in 
one  day  to  be  Masters  of  Owe  Hundred  and  Fifty 
Thousand  Pounds,  without  any  Risque,  or  any 
other  Charge  or  Trouble,  than  the  Writing  and 
Signing  a  few  pieces  of  Paper,  to  Accept  Six  Thou- 
sand Pounds  Interest  per  Annum  ;  whereby  they 
would  immediately  have  the  profits  of  other  Mens 
Estates,  and  [3]  finally  the  Estates  themselves,  with- 
out a  valuable  Consideration.     Page  17,  18. 

Sixthly,  That  their  Projection  will  be  in  effect 
the  setting  up  an  Absolute,  Inde^jendent  Govern- 
ment, which  like  a  Fire  in  the  Bowels,  will  Burn  up 
and  Consume  the  whole  Body.     Page  14. 

These  Articles  being  Intermixed  and  Cloathed 
with  so  many  Invective  Sarcasms,  Opprobrious  Lan- 


150  CURRENCY  FOR  THE 

guage  and  Undue  Reflections,  the  Gentlemen  Con- 
cerned hold  themselves  Obliged  in  Justice  to  them- 
selves, and  the  Truth,  and  in  Honour  to  your  self ; 
that  you  and  every  one  else  may  be  Undeceived, 
and  that  the  whole  Matter  may  be  set  in  its  true 
light,  do  Affirm  and  Declare, 

That  two  or  three  Gentlemen  in  the  Town  of 
Boston,  discoursing  of  the  Difficulties  that  Trade 
laboured  under,  for  want  of  a  Medium  of  Exchange, 
the  Silver  being  sent  Home  for  England,  and  the 
Bills  of  Credit  on  the  several  Provinces  daily  Called 
in  by  the  Funds  on  which  they  were  Emitted ; 
thought  it  proper  to  consult  some  other  Friends, 
and  to  Meet  together,  and  Consider  of  a  suitable 
Remedy  for  the  present  and  growing  Inconvenien- 
cies  and  Difficulties.  At  which  time  some  were 
desired  to  Commit  their  thoughts  to  Writing,  in 
order  to  be  considered  of  at  a  Second  Meeting, 
which  was  accordingly  done  ;  and  after  several 
Meetings,  agreed  on  a  Land  Security,  [4]  as  a  Fund 
for  Bills  and  Notes  to  be  Circulated,  and  Minutes 
then  drawn  up,  for  the  Regulating  and  Carrying 
on  that  Affair,  but  all  with  an  intire  dependence 
upon  the  Government  for  their  Favour  and  Coun- 
tenance in  promoting  it,  and  furnishing  them  with 
all  such  necessary  Powers  as  might  enable  them  to 
carry  it  on  with  safety  to  themselves,  and  the  Pos- 
sessors of  their  Bills  or  Notes.  And  therefore  im- 
mediately they  desired  some  of  the  Gentlemen  to 
wait  upon  His  Excellency  the  Governour  for  his 
Advice,  Favour,  Countenance  and  Direction  in  their 


MASSACHUSETTS  BAY  151 

Projection  ;  who  accordingly  the  very  next  Morn- 
ing before  they  had  taken  a  fair  Copy  of  their 
Minutes,  waited  on  His  Excellency  ;  so  careful  were 
they  of  paying  all  due  Respects  to  Government, 
who  were  well  Received  by  him,  and  Encouraged  to 
proceed.  And  at  the  same  time  their  Scheme  being 
first  laid  before  his  Excellency ;  his  thoughts  were 
desired,  whether  it  was  practicable  for  the  Publick 
to  come  into  a  Fund  themselves,  to  which  he  was 
pleased  to  Answer,  No,  by  no  means  ;  The  Country 
is  greatly  Indebted  already,  and  if  such  a  thing 
were  proposed,  any  Landed  Man  might  come  into 
the  General  Court,  and  enter  his  Protest  against  it ; 
Neither  would  it  be  safe  for  that  a  Governours 
Fingers  could  not  be  kept  out  of  it.  And  there 
then  bemg  further  discourse  about  the  power  of  the 
Govern- [5] ment  to  Lend  at  Interest  on  the  Publick 
Credit ;  He  Replied,  That  what  the  Government 
could  not  do  wisely,  equitably  and  safely  they  could 
not  do ;  and  that  the  Method  that  they  had  Pro- 
jected for  Relief  in  that  Affair,  he  well  approved 
of ;  withal  adding,  that  he  would  be  the  first  Per- 
son that  would  take  out  Three  Hundred  Pounds 
of  their  Bills  to  promote  their  Credit,  and  encourage 
them  to  proceed  to  take  Subscriptions,  in  order  to 
lay  it  before  the  General  Assembly  for  their  Allow- 
ance ;  and  that  he  would  do  all  that  lay  in  his 
power  to  promote  it ;  assuring  them  that  he  would 
Write  Home  in  their  favour,  by  setting  forth  the 
Necessity  of  such  a  Projection :  And  directed  them 
to  wait  upon  Mr.  Secretary  Addington  for  his  Ad- 


152  CURRENCY  FOR  THE 

vice,  which  they  did,  who  was  of  Opinion  that  the 
Government  would  not  Raise  Money  or  Bills  to  Let 
out  upon  Loan.  They  then,  and  at  sundry  other 
times  consulted  him  about  theii-  Scheme,  committed 
it  to  him  to  peruse,  correct,  alter,  amend  and  frame 
as  he  should  think  fit,  which  he  accordingly  did. 
Whereas  if  the  Projectors  had  been  discouraged  in 
their  so  early  Attempts,  it  might  have  prevented 
any  further  proceedings :  And  the  said  Scheme  was 
laid  before  the  General  Court  at  their  Sessions  in 
February  last  past,  together  with  a  Petition,  Sub- 
scribed by  most  of  the  Underta-[6]kers  of  that  Af- 
fair, for  the  granting  them  such  necessary  Powers, 
as  they  should  think  meet  to  carry  on  the  same. 
Sir, 

The  foregoing  being  Matter  of  Fact,  and  the  exact 
steps  taken  by  the  Gentlemen  concerned  in  the  Pro- 
jection of  the  Bank.  It  cannot  be  so  much  as  im- 
agined, that  the  Author  of  the  Letter,  his  Post  and 
near  Relation  to  the  Governour  Considered,  should 
be  ignorant  thereof.  However  it  fully  proves  that 
part  of  his  Letter  respecting  their  Slight,  Neglect 
and  Contempt  of  the  Authority  and  Government 
to  be  a  designed  Misrepresentation,  and  therefore 
Abusive  of  the  Gentlemen  concerned ;  some  of  whom 
on  several  accounts  are  Superiour  to  him. 

Now  Sir,  If  you  will  please  to  Consider  his  Argu- 
ment, whereby  he  would  seem  and  pretend  to  prove 
his  Charge  of  Contemjyt,  &c.  you  will  find  it  as 
Unfair  and  Fallacious  as  his  Charge,  which  is  that 
which  '■  you  must  needs  have  seen  *  in  the  Publick 


MASSACHUSETTS  BAY  163 

*  News-Paper,  or  an  Order  of  the  Governour  and 
'  Council  passed  upon  the  Occasion  of  the  Projection 
'  of  the  Bank  of  Credit ;   whereby  the  Projectors 

*  were  directed  to  proceed  no  further  in  that  Affair, 
^  until  the  next  Session  of  the  General  Assembly ; 

*  that  so  the  whole  Government  might  be  of  Advice 

*  in  a  Matter  of  that  Weight  and  Consequence.  Not- 
^  withstanding   [7]  all  which,  I  am  loth  to  say,  in 

*  Contempt  of  it,  the  persons  concerned  are  openly 

*  carrying  on  their  Bank  with  utmost  Vigour  and 

*  Expedition,  and   supposing,   and  indeed  affirming 

*  that  the  Government  have  nothing  to  do  with  them 

*  in  that  Affair. 

Is  not  this  a  bold  and  wilful  Misrepresentation  of 
the  Matter  ?  Whenas  the  Order  of  Council,  which 
the  Government  Ordered  to  be  Printed  in  the  Weekly 
News-Letter,  is  in  the  Words  following. 

At  a  Council  Held  at  the  Council-Chamber  in 
Boston,  upon  Fryday  the  Twentieth  of  August, 
1714. 

r71  T  T^^^  Beading  a  Memorial,  Presented  hy  the 
"-  ^  \_J  Queens  Attorney  General,  setting  forth 
that  upon  good  Information,  a  certain  Number  of 
Gentlemen,  and  Merchants  are  Projecting  a  Bank 
of  Credit  as  they  call  it,  designing  sj^eedily  to  Make 
and  Emit  a  quantity  of  Bills  to  a  great  Value ; 
which  is  a  Matter  of  Importance,  and  will  neces- 
sarily he  of  General  Influence. 

Ordered,  That  the  Projectors  or  Undertakers  of 
any  such  Bank  do  not  j^roceed  to  Print  the  said 
Scheme,  or  j^ut  the  same  on  Publick  Record,  Make 


154  CURRENCY  FOR  THE 

or  Emit  any  of  their  Notes  or  Bills,  until  they 
have  laid  their  Proposals  before  the  General  Asr 
semhly  of  this  Her  Majesties  Province;  ivho  are 
always  ready  to  Countenance  [8]  and  Encourage 
any  Proposals  that  may  he  of  benefit  and  advan- 
tage for  the  Puhlick ;  or  for  the  2:)romoting  and 
encouraging  of  Trade  amongst  Her  Majesties  Good 
Subjects  of  this  Province;  And  that  this  Order  be 
Printed  in  the  Weekly  Neivs- Letter. 

Isaac  Addington,  8ecr, 
Now  by  what  Words  in  this  Order  can  Mr.  Attor- 
ney support  his  Argument,  to  prove  the  Projectors 
Contempt  and  Insinuated  Disobedience,  which  as 
it  did  not  forbid  their  proceeding  any  further  in  that 
Affair,  but  rather  encourage  and  direct  them  to  com- 
pleat  their  Subscriptions,  and  perfect  their  Scheme, 
so  as  it  might  be  fit  to  lay  before  the  General  Assem- 
bly ;  so  was  it  punctually  comphed  with,  in  that  the 
Projectors  neither  Printed  their  Scheme,  or  put  the 
same  upon  Pubhck  Record,  Made,  or  Emitted  any 
of  their  Notes  or  Bills ;  but  Reconsidered  and  New- 
Modelled  -their  Scheme,  and  took  many  more  Sub- 
scriptions, and  so  far  perfected  it,  as  to  lay  it  before 
the  General  Assembly,  which  they  did  at  their  last 
October  Sessions ;  hoping  for  their  Countenance  and 
Authority,  for  that  because  a  certain  number  of  the 
Gentlemen  concerned  were  appointed  to  attend  his 
Excellency  with  the  present  Scheme,  which  they 
carried  to  him  on  the  Morning  of  the  Day  they  pre- 
sented another  of  the  same  to  the  House  of  Repre- 
sentatives, who  then  freely  declared,  that  he  would 


IklASSACHUSETTS  BAY  155 

fa-[9]voiu-  the  Design,  if  the  House  of  Representa- 
tives and  Council  would  come  into  it,  and  that  the 
Pubhcks  Raising  of  Bills  to  Let  out,  to  him  had  its 
dark  sides ;  for  that  if  any  Person  should  borrow 
of  the  Publick  Bills,  and  Mortgage  his  Estate  for 
payment,  and  fail  of  making  payment,  whereby  the 
Estate  so  Mortgaged  should  become  forfeit,  the  Es- 
tate so  forfeited  would  belong  to  the  Crown ;  and  if 
he  were  their  Governour,  he  should  think  himself 
obliged  to  lay  his  Hands  upon  it,  till  the  Kings 
Pleasure  could  be  had,  who  would  have  the  intire 
disposition  thereof. 

And  now  after  so  fair  a  Gloss  and  false  Comment 
upon  the  Order  of  the  Governour  and  Council,  and 
the  Actions  of  the  Projectors  in  Conformity  thereto 
in  the  very  beginning  of  the  Letter ;  what  can  be 
expected  but  the  like  Arguments  throughout.  And 
indeed  here  you  may  see  JEx  Ungue  Leonem.  Is 
not  this  too  much  like  prevaricating  talk  in  a  bad 
Cause.  Wherefore  it  is  now  to  be  Noted,  that  not- 
withstanding the  Gentlemen  concerned,  had  made 
several  Alterations  in  their  Projection  obliging  every 
one  that  Subscribed  thereto,  to  give  good  real  Secu- 
rity, to  the  full  value  of  their  several  Subscriptions, 
to  Lie  as  a  Fund  or  Security,  to  answer  all  the  Notes 
or  Bills  Issued  from  the  Bank ;  and  to  make  good 
all  Deficiencies,  whereby  the  Possessors  or  Borrow- 
ers of  the  Bills  or  Notes  were  in  no  [10]  danger  of 
being  wronged,  with  some  other  Amendments :  The 
want  of  which  Security  in  the  first  Projection,  is  one 
of  the  most  popular  Arguments  Mr.  Attorney  hath 


150  CURRENCY  FOR  THE 

made  use  of  to  cry  down  the  same.  Now  he  being 
well  Informed  of  these  Alterations  before  he  Pub- 
lished ;  Nay,  before  he  delivered  and  sent  his  Letter 
to  you,  whereby  he  certainly  knew  his  short  Abstract 
of  the  Projection,  and  his  Form  of  the  Bills,  with 
his  Addition  of  an  Escutcheon,  and  consequently  all 
the  fine  Structure  he  builds  thereon,  to  be  but  upon 
a  sandy  Foundation ;  tho'  he  would  have  the  Hon- 
ourable House  of  Representatives  beheve  it. 

And  then  he  does  in  effect  tell  you,  that  the  Pro- 
jectors of  the  Bank  have  of  their  own  heads  formed 
themselves  into  a  Company,  by  a  Constitution  of 
their  own  making,  and  Erecting  of  themselves  into 
a  Body  Politick  and  Corjjorate  to  all  Intents  and 
Purj^oses  in  the  Law  ;  and  then  calls  in  the  Pre- 
roo^ative  and  the  Honour  of  the  Government  to  his 
Aid  and  Assistance.  It's  true,  they  have  by  a  Con- 
stitution of  their  own  making,  formed  themselves 
into  a  Company  and  Co-partnership,  and  that  they 
take  for  granted  they  well  might  do  without  the 
least  affront  to  the  Crown,  or  this  Government,  or 
else  had  never  attempted  it ;  for  what's  more  com- 
mon and  usual  than  for  Merchants  and  others  to 
enter  into  Partnership,  make  their  Rules,  and  oblige 
themselves  to  [H]  the  due  observation  of  them. 
And  does  this  make  them  a  Body  Politick,  and  Cor- 
porate to  all  intents  and  purposes  in  the  Law,  or 
encroach  upon  the  Prerogative,  or  dishonour  this 
Government  ?  What  is  it  then  the  Projectors  have 
done,  that  makes  them  such  a  Body  Politick  as  Mr. 
Attorney  pretends  they  are.     Certainly  no  man  but 


MASSACHUSETTS  BAY  167 

one  in  Eutopia  could  make  such  an  Interpretation 
of  their  Articles  as  he  has  done.  The  Projectors, 
as  he  rightly  observes,  do  not  pretend  to  Incorporate, 
or  make  themselves  a  Body  PoUtick ;  neither  does 
his  partial  description  of  a  Corporation,  which  he 
says  is  my  Lord  Cooks,  with  aU  the  &crs.  he  has 
put  into  it  prove  they  have. 

We  agree  with  him,  that  all  Bodies  Politick  are 
derived  from  the  King  as  their  Original  Fountain ; 
but  it  does  not  thence  follow,  that  aU  Banks  of 
Credit  and  Companies  are,  for  that  there  have  been 
such  as  never  were  Incorporated  :  And  does  not  the 
Sword  Blade  Company  in  London,  continue  even 
unto  this  day,  to  Emit  their  Notes  to  a  very  great 
Value  by  Trustees,  and  not  Incorporated  as  a  Bank 
of  Credit ;  so  that  their  Emitting  Notes  or  Bills  is 
not  in  England  accounted  a  thing  intolerable,  Un- 
reasonable and  Unjust,  and  absolutely  inconsistent 
with  the  Honour,  the  Power  and  Wisdom  of  that 
Government,  nor  to  suffer  a  Number  of  their  own 
People  to  set  up  an  Absolute  Independent  Govern- 
ment, which  like  a  Fire  in  [J 2]  their  Bowels,  would 
burn  up  &  consume  their  whole  Body.  But  Mr. 
Attorney  it  seems  is  wiser,  &  sees  further  into  the 
Matter,  than  the  Government  of  England  doth. 
And  then  again  to  prove  the  Erecting  this  Bank  a 
Breach  of  Law,  he  brings  in  an  Act  of  Parliament, 
made  in  the  Sixth  Year  of  the  Reign  of  Queen 
ANNE,  to  wit,  that  during  the  Continuance  of  the 
Bank  of  England,  it  shall  not  he  lawfid  for  any 
Body  Politick  or  Corporate,  other  than  the  said 


158  CURRENCY  FOR  THE 

Company  of  the  Bank,  or  for  other  Partners  ex- 
ceeding six  in  England  to  Borrow  or  Owe  any 
Sum  on  Bill  or  Note,  j)ay able  on  demand,  or  at 
any  time  less  than  six  Months  from  the  Borroic- 
ing  thereof.  Now  it  is  to  be  observed,  that  this 
Law  does  not  make  any  Number  of  Partners  to  be 
a  Body  Politick  or  Corporate,  for  their  being  in 
Partnership ;  Neither  doth  it  forbid  any  six,  or  any 
other  Number  of  Partners  to  Borrow  or  Owe  any 
Sum  on  Bill  or  Note,  payable  at  any  time  longer 
than  six  Months  from  the  Borrowing.  Most  cer- 
tainly that  Law  was  made  in  favour  of  the  Bank  of 
England ;  So  that  even  in  England  it  self  before 
that  Act  had  its  force,  it  was  lawful  there  for  any 
Body  Politick  or  Corporate,  or  Partners  to  Borrow 
or  Owe  any  Sum  on  Bill  or  Note,  &c.  And  there- 
fore will  be  Lawful  again  at  the  determination  of 
that  Bank.  Then  why  may  it  not  lawfully  be  done 
here,  since  that  Act  no  ways  affects  this  Province  ; 
For  can  Mr.  Attorney  ima-[I3]gine  that  setting 
up  a  Bank  of  Credit  in  Neio-England,  would  in 
the  least  measure,  prejudice  the  Bank  of  England  : 
However,  tho'  he  says  he  will  not  trouble  himself 
to  Argue  how  far  this  Projection  would  be  a  Breach 
upon  the  Bank  of  England ;  yet  he  tells  you,  ^:>«^e 
12.  That  certainly  if  the  same  Fact  committed  hi 
England,  hy  a  Numher  exceeding  six  would  be  a 
Breach  of  Law  ;  much  more  may  we  supi^ose  it 
forbidden  and  made  Unlaicfid  for  an  hundred  to 
do  it  here.  Certainly,  this  is  a  fine  and  accurate 
Mode  of  Reasoning  and  Pungent  Argument. 


MASSACHUSETTS  BAY  159 

Because  our  Law  forbids  us  Building  of  Wooden 
Houses  in  Boston,  therefore  we  must  not  Erect  one 
in  Lynn,  or  the  Province  of  Main. 

As  to  what  he  says  of  the  Projection  not  being 
founded  in  Commutative  Justice  and  Common  Hon- 
esty, and  that  he  can't  see  the  Reasonableness  and 
Justice  of  it,  betwixt  the  Subscribers  and  Borrow- 
ers ;  and  therefore  must  unavoidably  prove  a  great 
Snare  and  Mischief  to  those  that  want  Money, 
&c.  To  make  a  shew  of  the  Proof  thereof,  he 
Argues  from  his  own  false  Abstract  of  the  Projec- 
tion, so  that  he  disputing  Ex  7ion  Concessis  ;  all  he 
draws  from  thence,  together  with  his  Hypothesis, 
grounded  thereon,  must  needs  fall  of  it  self,  &  come 
to  nothing.  And  it  is  plain,  his  design  was  only  to 
amuse  the  People,  but  more  particularly  the  House 
of  Representatives:  Now  since  the  [14]  Projection 
obliges  every  Subscriber  to  Mortgage  a  Real  Estate, 
of  the  full  value  of  what  he  Subscribes  for,  to  make 
a  sufficient  Fund  for  the  Credit  of  their  Notes  and 
Bills  ;  as  likewise  to  Answer  all  Deficiencies  aris- 
ing by  any  defect  or  default  of  the  Projectors  in 
the  aforesaid  Scheme ;  Whereby  the  Borrowers  or 
Possessors  of  the  Notes  or  Bills  are  sure  to  have 
Justice  done  them ;  and  all  concerned  with  them, 
in  case  the  Bank  should  come  to  an  end,  even  then 
will  the  last  Possessors  of  their  Bills  or  Notes  have 
good  Security  to  depend  on :  Notwithstanding  all 
the  Objector  hath  said,  or  possibly  can  say  :  They 
still  having  their  Credit  and  Value  from  the  Intrin- 
sick  Value  of  the  Bank,  and    not    from  what  his 


IGO  CURRENCY  FOR  THE 

Bubbled  Borrowers  give  them,  as  he  groundlesly 
asserts.  He  must  needs  suppose  the  House  to  be 
asleep,  and  so  to  need  awakening,  as  ^^az/e  5.  when 
he  asserts,  ^;«{7e  19.  that  by  the  Tenoiu'  of  the  Bills 
you  see,  they  are  only  obliged  to  Accept  of  them 
for  the  Redemption  of  Pawns  and  Mortgages  : 
When  in  his  Reciting  the  Tenour  of  the  Bill,  ^j)a^e 
7.  He  owns  that  we  oblige  our  selves  to  Accept 
the  same  in  ALL  PAYMENTS  according  to  Cov- 
enant made  by  us  on  Publick  Record,  &c.  Which 
how  directly  he  Contradicts  himself,  &  endeavours 
to  Mislead  the  House,  we  leave  you  and  the  World 
to  judge  :  Nor  would  the  Projectors  have  the  Pro- 
fits of  other  Mens  E-[J5]states,  much  less  the 
Estates  themselves  without  a  valuable  Considera- 
tion, nor  make  themselves  Masters  of  any  Estates 
but  their  own,  which  they  willingly  Deposit  and 
Mortgage  for  a  General  Benefit,  for  the  Loan  and 
Credit  whereof  it's  as  lawful  for  them  to  take  In- 
terest, as  it  is  for  Mr.  Attorney  for  his  Bills  of 
Credit  on  the  Province.  The  Bank  Bills  having  a 
better  and  more  certain  Security  than  the  Public 
Loan  Bills,  and  more  easily  obtained,  in  Case  that 
late  Act  should  be  Repealed  :  And  for  that  Reason 
his  Arg-ument  against  the  Private  Bank  is  of  far 
greater  strength  and  force  against  the  Pubhck 
Bank. 

Mr.  Attorney  is  pleased  often  to  put  you  in 
mind,  that  this  Projection  breaks  in  iqjon,  and  In- 
validates the  Co7istitution  of  this  Provi7ice,  page 
4.  15.     The  Act  of  Parliament  of  late  made  Re' 


MASSACHUSETTS  BAY  161 

ferring  to  Money  in  the  Plantations,  designing 
thereby  to  awaken  the  Government  upon  this  great 
occasion,  to  Exert  their  proioer  Power,  and  not 
suffer  the  Projection  to  proceed,  hut  hy  some  proper 
Act,  and  Puhlick  Order,  to  declare  against,  and 
forbid  it,  lest  thereby  the  Constitution  of  the  Gov- 
ernment of  the  Province  be  broke  in  upon,  and 
endangered :  Because  we  are  a  Dependent  Govern- 
ment,  and  must  in  all  things  Coniform  our  selves  to 
the  Laws  of  Great  Britain,  and  Instructions  of  the 
Crown,  and  therefore  must  expect  to  give  an  Ac- 
count of  all  our  Matters. 

Now  if  the  suffering  of  this  Private  Bank  to  be 
[16]  Erected,  is  such  an  Encroachment  upon  the 
Prerogative,  and  a  breach  of  the  Law  of  England, 
as  to  endanger  the  loss  of  our  Charter,  &  the  Lib- 
erties and  Estates  of  the  People,  which  to  prevent, 
Mr.  Attorney  tells  you,  was  the  very  Consideration 
that  principally  determined  him  at  that  time  so 
freely  to  Communicate  his  Thoughts  to  your  self  in 
that  Matter ;  with  the  several  other  fine  flourishes 
and  plausible  Insinuations,  whereby  he  would  in- 
duce you  to  believe  that  in  all  this  Affair  he  hath 
sincerely  aimed  at  the  Publick  Good,  and  effectu- 
ally to  prevent  any  Attempts  that  might  be  made 
against  our  Liberties  and  Priviledges,  which  no 
doubt  he  is  intirely  fond  of,  &  always  was  vigilant 
&  industrious  to  maintain  and  defend.  If  he  has 
sincerely  given  you  his  Opinion  respecting  the  Pri- 
vate Bank,  and  the  direful  effects  of  it,  with  what 
sort  of  sincerity  did  he  when  he  says  he  had  the 


162  CURRENCY  FOR  THE 

Honoui"  to  be  of  an  Extraordinary  Committee  Raised 
for  that  purpose,  give  it  as  his  Opinion,  that  con- 
sidering the  demand  as  to  the  Taxes,  &  the  great 
occasion  of  the  People,  as  to  their  Trade,  it  might 
be  convenient  to  Make  and  Issue  out  a  further 
quantity  of  the  Publick  Bills  of  Credit :  And  now 
in  his  Letter  spend  so  much  time,  and  take  such 
pains,  and  argue  to  persuade  the  General  Court  to 
set  up  a  Bank  of  Credit  themselves.  Emit  their  Bills, 
and  take  Interest  for  the  same.  Is  it  not  as  possi- 
ble for  the  Government  to  Erect,  [J 7]  Set  up  and 
Establish  things  contrary  to  the  Law,  as  for  a  Num- 
ber of  Private  Persons ;  and  does  not  the  Law  of 
England  which  he  saith  would  be  broke  in  upon, 
by  Erecting  a  Private  Bank,  much  more  respect  a 
Corporation  than  Private  Persons ;  and  which  he 
himself  readily  grants  it  doth.  Is  not  this  then  one 
effectual  way  to  endanger  the  Constitution  of  the 
Government,  the  utter  Ruin  &  Loss  of  the  Charter, 
&  the  many  Liberties  we  hold  &  enjoy  thereby. 
For  if  a  Number  of  private  Persons  break  in  upon 
the  Law  of  England  they  may  be  severally  punished 
therefor ;  But  if  a  Corporation  or  Government  like 
Ours,  Set  up  and  Enact  things  contrary  to  the  Law 
of  England,  doubtless  the  way  to  punish  them 
would  be  by  Loss  of  their  Charter  and  Priviledges 
granted  thereby.  So  that  upon  the  whole  Matter, 
whether  his  Letter  was  not  rather  to  Lull  you  asleep 
if  possibly  he  could,  that  then  he  might  bring  you 
into  the  Practice  of  such  things,  which  hereafter 
you,  and  all  of  us  might  have  sufficient  Reason  to 


MASSACHUSETTS  BAY  163 

lament  and  be  grieved  for,  but  when  too  late; 
than  in  the  least  measure  to  awaken  the  Government 
that  they  might  be  upon  their  Guard  against  any 
Attempts  to  undermine  them.  Because  having 
lately  seen  a  Book  Printed  in  London,  Anno  1708. 
Intituled,  The  Deplorable  State  of  New-England, 
(^c.     In  which  is  a  Letter  in  the  Words  following. 

[18] 

Boston,  January  12th,  1703,  4. 
Dear  Kinsman, 

/  Confess  I  am  ashamed  almost  to  think  I 
should  he  at  Home  so  long,  and  not  let  you  know 
of  it  till  now  ;  Tho^  after  all,  a  New  England  Cor- 
respondence is  scarce  worth  your  having  .  .  .  I  Re- 
fer you  to  Mr.  .  .  .  for  a7i  Account  of  every  thing, 
especially  about  the  Government  and  the  Colledge, 
both  which  are  discoursed  of  here  in  Chimney 
Corners  and  Private  Meetings  as  confidently  as 
can  be.  If  there  should  be  any  occasion  you  must 
be  sure  to  stir  your  self  and  Friends,  and  shew 
your  Affection  and  Respect  to  my  Father,  who 
loves  you  well,  and  bid  me  tell  you  so.  .  .  .  This 
Country  will  never  be  worth  Living  in  for  Lawyers 
and  Gentlemen,  till  the  Charter  is  taken  away. 
My  Father  and  I  sometimes  talk  of  the  Queens 
establishing  a  Court  of  Chancery  in  this  Coun- 
try. I  have  Wrote  about  it  to  Mr.  Blathwayt :  If 
the  Matter  shoidd  S2icceed,  you  might  get  some 
jylace  worth  your  Return,  of  which  I  shoidd  be 


164  CURRENCY  FOR  THE 

very  glad.     If  I  can  any  ways  serve  you  or  your 
Friends,  Pray  signijie  it  to 
Dear  Sir, 

Your  Affectionate  Friend, 
and  Humble  Servant, 

Paul  Dudley. 

[19]  Surely  such  a  particular  Favour  done  this 
Country,  loudly  calls  ujjon  every  good  Inhabitant 
within  the  same,  to  be  always  paying  his  proper 
thanks  :  And  may  it  not  very  justly  raise  some 
doubts  of  his  sincerity  in  seeking  the  true  Interest 
of  this  Country  ;  or  at  least  whether  he  doth  not 
vastly  differ  in  his  Opinion  from  the  most  and  best 
of  Men  among  us,  concerning  what  are  our  good 
and  valuable  Liberties  and  Priviledges. 

Sir,  We  take  no  Pleasure  in  Rehearsing  these 
things  to  you,  but  were  necessitated  thus  to  do,  lest 
by  the  aforesaid  Letter  in  which  he  asserts,  |ja^e  21. 
that  as  yet  they  have  not  Consulted  the  Government 
in  the  whole  Affair ;  We  might  be  thought  to  be  in 
any  wise  endeavouring  to  break  in  upon  the  Consti- 
tution of  this  Government,  and  consequently  the 
Priviledges  and  Liberties  we  enjoy  by  the  Charter, 
which  we  highly  esteem  of,  and  shall  never  be  want- 
ing to  do  what  in  us  lies  for  the  long  and  well 
securing  thereof. 

A  very  considerable  part  of  his  Letter  being  on 
the  praise  of  Money,  Silver  and  Gold,  and  his  Con- 
trivance to  store  the  Country  with  it.  Regulating 
the  Trade  of  the  Country,  and  the  Extravagance  of 


MASSACHUSETTS  BAY  165 

the  Inhabitants  far  beyond  their  Circumstances  in 
their  Purchases,  Buildings,  Expences,  Apparrel,  <2fc. 
being  not  to  the  present  purpose,  we  shall  not 
trouble  you  with  an  Answer  thereto. 

[20]  We  doubt  not  but  upon  your  Reading  this 
our  just  Defence,  you  will  be  sufficiently  enabled 
to  make  proper  Thoughts  upon  the  whole  design 
of  that  Gentleman,  as  well  as  our  Projection ;  which 
seeing  it  hath  laboured  under  so  many  needless 
Aspersions,  shall  take  this  occasion  to  Print  the 
same  ;  that  every  one  that  pleases  may  have  the 
Perusal  and  Examination  thereof :  whereby  they 
will  perceive  his  Letter  to  be  Pandora's  Box,  and 
not  the  INNOCENT  PROJECTION. 

Dated  at  Boston,  in  New- 
England,  Decemb.  20.    1714. 

We  are,  Sir, 
Your  very  Humble  Servants, 
Samuel  Lynde, 
To  the  Contents,  except 
the  Letter   taken  out 
of  a  Book. 

E.  Lyde  ) 

John  Colman  f 

Elisha  Cooke,  jun.  ]  At  the  Desire, 

J.  Oulton  V  &  in  behalf  of 

Timothy  Thornton  J  the  Partnership. 

Oliver  Noyes  ^ 

William  Pain  V 

Nath.  Oliver.  I 


1G6    CURRE^XY  FOR  THE  MASSACHUSETTS  BAY 

[A  duodecimo  of  twenty  pages. 

The  copy  of  the  pamplilet  and  the  facsimile  of  the  title-page 
were  obtained  thi-ough  the  courtesy  of  the  Massachusetts  His- 
torical Society.] 


SOME 

CONSIDERATIONS 

Upon  the  several  sorts  of 

BANKS 

Propos'd   as    a 

Medium   of  Trade : 

AND 

Some    Improvements    that    might    be    made 
in  this  Province,  hinted  at. 


\WOAwOAt!^C 


Printed  by  T.  Fleet  and  2\  Crump,  at  the  Desire  of  some 
of  the  Inhabitants  of  ^  (9  6"  r  6>  iV:     1716. 


168  CURRENCY  FOR  THE 

[3] 


IN  a  Country  of  much  Trade  and  Business,  and 
where  the  Silver  (which  is  the  best  Medium)  is 
drawn  off,  the  Trade  will  thereby  be  greatly  dis- 
advantaged. To  supply  the  Deficiency  thereof  in 
this  Country,  the  Publick  Bills  of  Credit  have  been 
for  some  Years  a  useful  Expedient ;  but  they  being 
become  scarce,  and  daily  decreasing,  various  have 
been  the  Projections  of  setting  up  a  Bank  to  the 
value  of  200000  /.  more  or  less,  as  the  only  3Ie- 
dium  of  Trade. 

Before  the  Consideration  of  the  several  Projec- 
tions, it  may  be  of  use  to  consider,  that  before  the 
War,  26  or  27  Years  since,  there  was  a  competent 
Cash  to  answer  the  Trade  of  the  Country  ;  and  to 
enquire  what  it  was  that  drew  it  in,  and  how  it 
comes  to  pass  tis  now  drawn  out ;  that  so  the  first 
may  be  encouraged,  and  the  other  avoided. 

And  tho'  the  Wrecks  and  the  Privateers  did 
bring  in  considerable  Quantities,  yet  many  are  of  the 
Opinion  those  were  but  a  small  Proportion  to  the 
running  Cash  of  the  Country  ;  but  that  the  Fishery 
was  then  the  N.  E.  Silver  Mine,  and  if  Peace  con- 
tinue, may  prove  the  principal  Means  to  draw  in  Sil- 
ver again  ;  and  so  much  the  more,  if  it  has  all  needful 
Encouragement  given  by  the  General  Court.  For 
tho'  tis  true  the  needless  Expence  in  many  respects, 
as  in  Silks,  fine  Cloth,  both  Linen,  and  Woollen, 
as  also  the  Drinking  so  much    Wine  &  Rum,  &c. 


I! 


S  O  M  F 

CONSIDERATION^^] 

Upon  the  feveral  forr;  of 

BANKS 

Proposd    35    a 

Medium    of  Trade  : 


\  AND 

1 

"*  Some   Iniprovcmcm^  thar    might    be   made 
ill  this  Province,    hinted   at. 


.^-f  ^r  ^y->.  ffy  /t^ 
<^  «fJ^  ^f?  \f  'v^ 


Printed  by  T.  Fleet  ?inci  T  Cmmpy  at  the  Defire  of  fome 
t>f  rhe   Inhabitants   oi  BOSTQK   171/1.  ''' ' 


"*  ''        I   111      I     nil    II       II I.I... 


MASSACHUSETTS  BAY  169 

has  been  a  great  means  of  carrying  off  the  [4]  Sil- 
ver,  yet  this  is  a  Toppick  easier  to  Speak  to,  than  to 
redress ;  &  is  a  Matter  -worthy  of  the  Legislators 
care.  And  if  the  General  Court  should  lend  upon 
good  Security,  and  without  Interest,  (only  paying 
for  the  making)  great  Sums  of  Bills  for  inabling 
Particular  Men  to  carry  on  any  useful  and  bene- 
ficial Works,  and  should  give  to  others  sufficient  to 
Encourage  them  to  set  up  useful  and  profitable 
Inventions  or  Trades,  it  would  be  not  only  some 
addition  to  the  Running  Cash,  but  also  would  pre- 
vent much  of  our  Importation.  And  Encouragement 
to  our  Fishery  would  much  increase  our  Exporta- 
tion, whereby  in  time,  the  Difficulties  we  now  labour 
under,  would  be  abated.  For  till  our  Exportation 
exceeds  our  Importation,  if  Silver  should  happen  to 
be  brought  into  this  Country,  it  could  not  abide 
here,  but  of  necessity  must  be  again  Exported  to  pay 
the  Debt  contracted.  But  as  a  needful  Expedient, 
and  while  other  Methods  can  be  taken,  (the  Country 
Bills  failing,  and  shortning  every  Day  more  and 
more)  several  have  been  the  Projections  of  Banks 
to  supply  the  Defect. 

The  first  proposed,  is  a  Private  Bank  ;  wherein 
a  number  of  Men,  of  good  Real  Estates,  entering 
their  Names,  and  Subscribing  for  any  Sum  propor- 
tionable to  the  Security  they  can  give  in  Lands,  ^c. 
take  out  perhaps  half  the  sum  Subscribed  for,  pay- 
ing Interest  for  what  they  take  out ;  the  rest  of  the 
Bills  to  be  let  out  to  such  as  will  hire  the  same  upon 
good  Security ;  a  part  of  the  whole  Interest  to  be 


170  CURRENCY   FOR  THE 

to  Publiik  Uses,  the  rest  to  the  Bankers ;  He  [5] 
that  Subscribes  most  to  have  most  Voices,  so  that 
one  Man  may  have  5  Votes  in  all  Matters,  with 
many  other  Articles. 

This  Bank  seems  projected  more  for  the  Advan- 
tage of  the  Bankers,  than  for  the  Publick  Good : 
For  (not  to  mention  many  other  Objections)  till  we 
can  be  assured  that  not  only  the  present  Bankers, 
but  also  their  Posterity,  will  always  seek  the  Piiblick 
above  their  own  Private  Advantage  ;  That  Assur- 
ance can  there  be,  that  those  Gentlemen  of  5  Votes 
a-piece,  will  not  by  joyning  together,  easily  sway 
the  Votes  to  their  own  Advantage ;  as  by  drawing 
out  of  great  Sums  to  Monopolise  not  only  Goods, 
but  Provisions ;  with  many  other  ways  ruinous  to 
the  Puhlick  ? 

The  second  Projection  is;  That  the  Country 
Emit  Bills  and  let  them  out  upon  Interest,  and 
upon  good  Security,  which  will  bring  in  a  large 
Revenue  towards  the  support  of  the  Charges  of  the 
Government. 

This  has  likewise  met  with  Objections ;  and  till 
the  Throne  can  be  secured  from  a  Prince  of  Arbi- 
trary Principles  in  all  times  to  come,  such  a  Bank 
will  be  dangerous  :  For  how  easy  will  it  be  for 
such  a  Prince  to  divert  such  a  large  Revenue  to  his 
Use  and  Pleasure  ?  If  any  think  otherwise,  they 
may  consider  the  last  5  Reigns,  and  see  if  they  can 
assure  us,  that  any  more  than  one  of  them  would  not 
have  taken  hold  of  such  an  Opportunity :  For  tho' 
(thanks  be  to  Heaven)  we  have  a  King  upon  the 


INIASSACHUSETTS  BAY  171 

Throne,  that  Studies  nothing  more  than  the  welfare 
of  his  Peo-[6]ple,  yet  all  Men  are  Mortal,  and  as 
Changes  have  been  in  our  Eandom  of  England,  so 
no  doubt  may  be  again ;  and  if  a  Prince  of  such 
Principles  should  ever  Ascend  the  Throne,  all  the 
Laws  to  secure  so  large  a  Revenue,  would  prove  but 
as  Spiders  Wehs. 

These  two  Banks  which  are  level'd  to  raise  a 
large  Income  yearly,  which  must  also  have  many 
Officers,  and  a  large  Pension  for  their  Service,  are 
reciprocally  opposed  by  both;  neither  of  the  two 
Parties,  but  can  see  danger  in  the  others  obtaining 
their  ends. 

A  third  Proposal  has  been.  That  the  Country 
should  make  a  competent  Sum  of  Puhlick  Bills, 
and  lend  them  to  the  several  Towns  in  proportion 
to  theii-  Rates,  at  5  per  Cent  for  20  Years,  in  which 
time  the  whole  being  paid  in,  the  Principal  to  be  to 
such  Town,  who  may  either  let  it  out  upon  Interest, 
or  purchase  Lands  with  it  for  the  use  of  the  Town. 

This  third  Proposal  being  without  the  Charge  of 
great  Officers  and  Salaries,  and  without  the  risque 
of  had  Bills,  or  Cheats,  yet  answering  the  end  pro- 
posed of  supplying  a  Medium  of  Trade,  and  having 
none  of  the  former  Objections  lying  against  it,  may 
reasonably  be  accounted  the  most  eligible,  &  every 
way  preferable,  rather  than  any  of  the  two  former, 
or  than  that  of  framing  a  new  Sp)ecie  of  Bills  founded 
upon  the  Mortgaged  Lands  ;  and  all  the  Country's 
undivided  Lands,  which  so  long  as  any  of  those  Bills 
were  out,  would  bar  the  Country  from  settling  one 


172  CURRENCY   FOR  THE 

Town  more ;  and  (without  the  Country's  Sanction) 
would  involve  the  People  in  new  Perplexities  how  to 
pay  then-  Specialties  for  Province  Bilh. 

[7]  And  it  being  supposed,  that  many  that  are 
rather  for  no  Bank,  yet  joyn  in  some  with  one  side, 
some  with  the  other,  in  order  to  obstruct  emiting 
of  any ;  as  best  suiting  their  particular  Interest : 
In  which  case  a  Fourth  has  been  proposed,  {viz.)  A 
Private  Bank,  of  a  competent  Number  of  Men  in 
Business  agreeing  together,  make  Bills,  &  give  Se- 
curity each  to  other  to  answer  them ;  to  let  their 
Books  he  open  for  any  Man  in  the  Province  to  Sub- 
scribe his  Siun ;  and  gi^^ng  in  Security  sufficient,  to 
take  out  what  Bills  he  Subscribes  for,  without  pay- 
ing any  Interest,  only  at  taking  out,  to  pay  for  the 
making,  &c.  and  to  be  obliged  in  some  Penalty  to 
meet  once  a  Year,  and  pay  off  the  necessary  Charge, 
&c.  till  a  competent  Cash  be  taken  out,  and  then  the 
Books  to  be  shut  up,  and  no  more  Bills  Emitted, 
save  only  to  change  the  defective,  &c.  Such  a  Bank 
might  be  very  Useful  as  a  Medium  of  Trade,  and 
would  soon  obtain  in  this  Pro\'ince,  to  be  as  good  as 
the  Bills  of  the  other  Colonies 

'Tis  certain.  Banks  of  what  kind  soever,  cannot 
be  (in  our  dechning  Circumstances)  a  compleat  Rem- 
edy, but  only  may  render  us  more  Comfortable  in 
our  consuming  Condition ;  as  a  Cordial  to  a  Man 
in  a  deadly  Disease,  may  be  some  Support  till  other 
Means  can  be  used ;  for  which  Reason  'tis  prefer- 
able to  all  Banks,  that  the  Government  Emit  large 
Sums  for  promoting  what  may  be  Beneficial  and  of 


:massachusetts  bay  173 

a  general  Good ;  (ut  siqy.)  which  -will  not  only  be  a 
Supply  of  present  Cash,  but  will  also  lay  certain 
and  stable  Foundations  of  increasing  the  Produce 
of  [8]  the  Country ;  which  is  the  Interest  and  Wis- 
dom of  all  Nations. 

Such  as  lending  large  Sums  upon  good  Security, 
without  Interest  for  some  Term  of  Years,  (only  pay- 
ing for  the  making)  for  building  a  Bridge  over 
Charles  River,  cutting  a  Channel  at  Sandwich  for 
safe  and  more  speedy  Passage  of  Vessels,  if  those 
Works  upon  Mature  Consideration  shall  be  found 
Practicable.  And  here  being  both  Iron  Oar,  and  a 
plenty  of  Wood  to  work  it,  and  this  Country  having 
great  occasion  for  all  sorts  of  Iron  Work  ;  it  may  be 
advisable  to  advance  considerably  in  Bills,  either  by 
the  way  of  Loan  or  Gift,  to  such  as  will  undertake 
to  set  up  a  Finery,  and  cause  it  to  Work  to  Effect ; 
which  would  work  the  Iron  better,  and  in  greater 
Quantities ;  and  by  the  help  of  which.  Pots  & 
Kettles  might  be  made  here  for  the  use  of  the  Coun- 
try. To  encourage  which,  the  Duty  laid  in  Enrjland 
upon  Hollow  Ware,  would  have  no  small  Influence. 
True  it  is,  here  was  a  Finery  in  the  beginning  of 
Times  at  Lynn,  which  did  not  pros23er,  here  not 
being  then  a  competent  Number  of  People  to  man- 
age them,  nor  yet  to  take  off  the  Wares  when  made, 
tho'  at  half  the  Price  now  sold  at.  It  ought  not 
to  be  any  Discouragement  in  the  Undertaking,  now 
both  the  quantity  of  Hands  to  work  at  it,  as  also  to 
expend  the  Goods  when  made,  are  double  :  the  Price 
they  then  were  at,  being  also  doubled. 


174  CURRENCY   FOR  THE 

And  here  being  great  occasion  for  JVails,  &  other 
small  Works,  which  at  present  cannot  be  made  at 
the  price  for  want  of  a  Slitting  Mill,  to  slit  the  Iron 
[9]  into  suitable  Rods;  (for  it  is  found  that  'tis  as 
much  Labour  to  fit  the  Rods,  as  to  make  the  Nails 
when  the  Rod  is  prepared)  If  the  Country  should 
give  or  lend  a  competent  Sum  to  any  that  shall  pro- 
cure Workmen  to  bring  such  a  Mill  to  work  to  Effect 
here,  it  would  inable  the  Smiths  to  make  a  sufficient 
Supply  of  Nails  for  this  Country.  And  if  the 
Soldiers  at  the  Castle  had  Nailers  to  instruct  them, 
many  of  them  might  be  imployed  in  it,  which  would 
be  a  benefit  to  such  Soldiers  in  their  Health.  This 
one  Article  of  Iron-  Works,  which  might  be  set  upon 
for  a  few  Hundreds,  would  soon  save  the  Country 
some  Thousands  in  a  Year. 

Glass-works  might  also  be  improved  here,  the 
Materials  being  all  at  hand,  which  in  its  several 
parts,  as  Window-Glass,  Beer-Glasses  and  Bottles, 
would  amount  to  a  very  great  Sum;  and  a  small 
Encouragement  from  the  Country,  would  be  suffi- 
cient to  set  it  up  here.  The  like  may  be  said  of 
Paper  making,  working  upon  Horn  for  Comhs,  Ink- 
Horns,  &c.  which  with  Encouragement,  would  save 
the  Country  very  Considerable. 

The  improving  the  sowing  of  Hemp  and  Flax, 
is  also  a  Matter  worthy  of  great  Regard ;  &  is  much 
obstructed  by  the  inability  of  many  to  break  up 
Land  suitable.  In  which  case,  it  would  be  a  good 
Encouragement  to  lend  them  without  Interest,  such 
a  Sum  as  may  inable  them  yearly  to  break  up  and 


IMASSACHUSETTS  BAY  175 

Fence  in  10  or  20  Acres  for  that  Use.  This  would 
be  of  very  great  Service  to  the  Country. 

And  tho'  the  Crown  will  always  have  a  jealous 
[10]  Eye  upon  any  Increase  of  the  Woollen  Manu- 
factury  here ;  yet  it  will  rather  Encourage  the  work- 
ing upon  Linen  or  upon  Cotton  (as  in  Ireland) 
which  with  suitable  Encouragement,  is  capable  of  a 
vast  Improvement  here,  by  making  Sheeting,  Shirt- 
ing, &  Callicoes. 

This  Country  being  often  Kable  upon  a  failure  of 
Crops,  to  be  bro't  to  Extremity  for  want  of  Grain ; 
and  when  a  time  of  Plenty  comes,  there  are  but  few 
Buyers,  whereby  'tis  often  run  down  below  a  reason- 
able Price:  To  prevent  both  which  Extreams,  the 
erecting  of  Store-houses  or  Graineries,  would  be  of 
singular  Use :  And  if  the  Country  advance  some 
Thousands  for  building  of  Graineries,  for  safe  laying 
up  of  Grain,  many  in  a  time  of  Plenty,  would  lay 
up  their  Grain  in  them ;  and  taking  a  Receit  for  it 
may  with  it  pay  their  Debts.  (As  is  practised  in 
Germany)  It  is  easy  to  conceive,  that  this  would  be 
a  very  great  Benefit  to  Trade,  and  that  which  Hol- 
land, tho'  they  have  comparatively  but  little  Grain 
growing,  yet  hereby  are  inabled  in  times  of  Scarsity, 
to  supply  not  only  themselves,  but  also  the  Neigh- 
bouring Nations. 

Tho'  this  Country  be  large,  and  much  good  Land 
in  it,  which  for  want  of  People,  cannot  be  improved 
in  many  Generations  ;  yet  a  shame  it  is  to  say.  This 
Colony  cannot  provide  themselves  necessary  Food. 

The  Town  of  Boston  is  much  increased  of  late 


176  CURRENCY  FOR  THE 

Years,  by  Strangers  coming  in  ;  but  the  Country  has 
not  increased  answerably  :  But  in  stead  of  that,  many 
are  gone,  and  others  following  them,  so  that  'tis 
supposed,  that  in  the  last  12  Years,  enough  have 
[U]  gone  out  of  this  Colony,  to  Plant  12  good 
Towns  in  Connecticut  only ;  besides  what  have 
gone  to  other  Places.  The  reason  of  the  not 
impro\4ng  the  Coimtry  more,  and  also  many  going 
out,  when  here  is  want  of  double  the  Number  we 
have,  is  a  Matter  worthy  to  be  well  considered. 

In  the  first  Setling  this  Country,  Land  was  easy 
to  be  attained,  and  at  a  low  price,  which  was  an  In- 
ducement to  multitudes  to  come  over  Servants  :  But 
now  the  Land  being  so  generally  taken  up,  few  come 
over  that  can  live  elsewhere ;  so  that  Servants  now 
brought,  generally  prove  Run-aways,  Thieves,  or 
some  way  Disorderly  :  To  avoid  having  of  such,  mul- 
titudes have  rather  chosen  to  get  Slaves,  tho'  at  ex- 
cessive Price  ;  which  Practice,  tho  so  directly  against 
the  Peopling  the  Country,  is  encouraged  in  stead  of 
being  remedied,  even  by  the  Laws  of  the  Country. 
For  he  that  is  able  to  purchase  a  Slave,  comes  off  in 
the  Rates  cheaper  than  his  poorer  Neighbour  that  has 
an  Apprentice  ;  tho'  indeed  in  that  hard  and  unequal 
Tax  of  Polemoney,  the  Masters  are  made  equal. 
But  he  that  has  an  Apprentice,  must  pay  more  for 
him,  than  his  richer  Neighbour  is  set  at  for  his 
Slave ;  &  the  poor  Man's  Apprentice  must  Watch 
&  Train,  and  not  only  so,  but  in  a  time  of  War,  must 
be  Prest  from  him :  All  which  his  richer  Neighbour 
is  cleared  from,  besides  his  paying  less  in  the  Rates ; 


JMASSACHUSETTS  BAY  177 

to  the  encouraging  of  Slavery,  and  discouraging  of 
the  Poor ;  and  consequently  to  the  putting  a  full 
stop  to  the  Growth  of  the  Country :  Slaves  being  a 
weaknino'  rather  than  Addition  to  the  Streno^th  of  a 
[12]  Country.  Boston  alone  is  supposed  to  have  3 
or  400  Slaves ;  which  were  there  so  many  Servants 
in  their  stead,  enough  would  come  out  of  their  time 
yearly,  to  people  a  good  Town. 

These  are  some  of  the  Hindrances  of  the  Increase 
of  the  Country,  for  Remedy  whereof,  it  is  humbly 
ProjDOsed,  That  the  Country  make  such  Provision, 
that  Servants  when  out  of  their  time,  shall  be  enti- 
tuled  to  50  or  60  Acres  of  Land,  &  a  Township 
appointed  for  them ;  and  if  others  shall  joyn  with 
them  in  settling  such  Town,  they  to  pay  to  the  Coun- 
try a  moderate  Price  for  Land,  &c.  such  Township 
not  to  exceed  4  or  5  Miles  Square  ;  for  the  extrava- 
gant Bounds  of  Townships,  is  that  which  has  occa- 
sioned great  Quarrels  among  themselves,  and  also 
given  a  great  deal  of  Trouble  to  the  General  Court 
about  placing  new  Meetinrj-Houses,  and  the  Bounds 
of  Precincts.  And  such  Township  (if  it  may  be)  to 
have  a  Brook  or  River  in  it,  proper  for  a  Grist-Mill 
and  a  Saw-Mill,  the  Meeting- House  to  be  set  in  the 
middle  of  the  Township,  and  the  Houses  as  near 
as  may  be  to  it.  And  as  soon  as  such  Township  is 
filled  up  with  Inhabitants,  then  to  appoint  another. 
And  this  would  be  the  greatest  Inducement  to  the 
coming  over  of  Servants,  and  the  greatest  Means  of 
Increasing  and  Strengthening  the  Country. 

To  effect  which,   if  those  Gentlemen   that  have 


178  CURRENCY   FOR  THE 

lugrost  vast  Tracts  of  Land,  without  any  design 
ever  to  settle  them  by  themselves,  Servants  or  Slaves, 
should  Voluntiirily  throw  up  into  the  Country's 
Hands,  one  half  of  what  they  have  so  Ingrost,  in 
[J 3]  order  to  furnish  Conveniences  for  such  Set- 
tlements, they  might  be  gainers  by  it  in  the  other 
half. 

Or  if  the  Country  should  put  a  Rate  upon  such 
Tracts  of  Land  as  lie  convenient  to  settle  Townships 
upon,  in  order  to  make  them  willing  to  throw  them 
up  to  the  Country  ;  such  yearly  Rate  would  be  more . 
Justifiable,  and  more  Equal,  than  to  Rate  a  poor 
Man  10  s.  that  has  much  ado  to  live ;  those  Estates 
being  valued  worth  hundreds  of  Pounds  by  the 
Owners  thereof,  who  keep  them  only  in  hopes  that 
as  other  Places  hereafter  shall  be  settled,  they  may 
Advance  upon  the  Price,  yet  Pay  no  Rates  for  them : 
And  in  the  mean  time  their  poor  Neighbours  must 
pay  perhaps  a  greater  Rate  than  would  be  put  upon 
him  in  the  most  Arbitrary  Kmgdom  in  Europe 

Either  of  these  two  ways,  with  what  Lands  remain 
yet  in  the  Country's  Dispose,  would  soon  furnish 
Land  sufficient  to  supply  Servants  as  they  shall 
become  Free,  and  supply  others  that  they  need  not 
withdraw,  &c.  But  if  neither  of  these  two  Methods 
should  be  approved  of.  If  the  Country  should  Enact, 
That  as  often  as  there  shoidd  he  occasion,  a  con- 
venient Township  be  lookt  out  and  Surveyed,  and 
made  sure  to  them,  and  such  others  as  shall  joyn 
with  them,  they  after  some  Tears  to  pay  a  quit 
Rent,  in  some  Prop)ortion  to  the  former  Vcdue  of 


MASSACHUSETTS  BAY  179 

the  Land,  to  the  Owners  thereof  ivhen  they  shall 
have  made  out  their  Claims ;  This  would  be  so  far 
from  being  a  Damage,  that  it  would  be  a  Benefit  to 
such  Owners  of  Lands,  by  having  an  Income  of  that 
which  if  the  former  Methods  continue,  can  hardly 
ever  be  settled.  ' 

[J 4]  Some  that  are  good  Farmers,  who  observ- 
ing that  the  Lands  are  so  generally  Ingrost,  fear 
they  shall  not  procure  sufficient  to  settle  their  Chil- 
dren upon,  have  straitned  themselves,  and  perhaps 
run  in  debt  to  buy  Land,  to  the  disabling  them  to 
improve  the  Lands  they  before  had.  For  inabling 
such  to  improve  then-  Lands,  if  the  Country  should 
lend  100  I.  without  Interest,  upon  Condition  that 
in  ten  Years  time  they  break  up  and  Keep  subdued 
50  Acres  of  Land ;  this  would  be  a  great  Encour- 
agement to  them,  and  would  much  Increase  the 
Produce  of  the  Country. 

And  as  to  Slaves,  as  was  before  demonstrated, 
they  are  a  great  hinderance  to  the  Peopling  and 
Improving  the  Country  :  And  the  Proverb  tells  us. 
That  the  Receiver  is  as  had  as  the  Thief ;  and 
that  if  there  loere  no  Receivers,  there  woidd  he  no 
Thieves  :  If  those  are  true  Proverhs,  then  are  not 
we  of  this  Country  guilty  of  that  Violence,  Treach- 
ery and  Bloodshed,  that  is  daily  made  use  of  to 
obtain  them  ;  we  rendring  our  selves  Partakers  with 
them  in  that  Wickedness  ?  (For  'tis  not  to  be  sup- 
posed, that  these  do  voluntarily  abandon  themselves 
to  be  carried  into  a  Foreign  Country,  and  there  to 
be  sold  for  Slaves)     If  therefore  the  Country  in 


ISO  CURRENCY  FOR  THE 

stead  of  many  Laws  they  have  made  obout  Negroes^ 
should  Enact,  Tliat  twenty  Years  hence  there  should 
be  no  Slave  in  the  Country,  it  would  hurt  no  Man, 
but  woidd  greatly  Encourage  Sei-^^xnts  to  come,  and 
necessitate  their  being  brought  over,  to  the  great 
Increase  and  Strengthning  the  Country. 

And  now  if  any  shall  object  to  what  is  said,  in 
order  to  better  the  Proposals,  for  advancing  the 
general  Good  of  the  Country  ;  or  shall  add  more 
with  better  Reasons  to  Enforce  what  may  be  said, 
they  would  therein  do  good  Service  to  their  Coun- 

But  if  they  Object  with  design  to  hinder  the 
Improvements  hinted  at  from  private  and  secret 
Views  of  their  own,  however  they  may  esteem  of 
themselves,  are  far  from  being  true  Friends  to  the 
Country.  All  wise  civiHzed  Nations  make  it  a  prin- 
cipal Part  of  their  Care  to  Encourage  the  Produce 
of  their  several  Countries,  that  so  they  may  stand 
in  need  of  the  less  from  abroad,  [J 5]  And  it  being 
agreed  upon  on  all  hands,  that  a  Medium  is  want- 
ing, and  the  General  Court  having  pitch'd  upon 
the  Sum  of  100000  /.  to  be  Made  and  Emitted  ; 
The  Question  is.  Whether  it  be  best  for  the  General 
Good,  to  invest  all  or  Part  of  said  Sum  in  the  sev- 
eral Towns  in  Proportion ;  and  with  the  remainder, 
or  with  other  Money  lent,  (for  100000  /.  wdll  be 
found  too  smaU  a  Sum)  free  of  Interest,  to  Particu- 
lar Men,  to  be  for  the  Advance  of  Husbandry,  and 
bringing  in  of  Arts  and  Trades  that  may  be  of  vast 
Benefit  to  the  Country  [ut  sup.)  ? 


MASSACHUSETTS  BAY  181 

Or  whether  it  be  best  to  let  it  out  to  Interest 
to  our  Necessitous  Neighbours,  and  thereby  raise  a 
large  Revenue? 

For  Answer,  Can  it  be  thought,  that  a  little  Use- 
Money  should  be  a  greater  Benefit  to  the  Country, 
than  any  or  all  the  various  Methods  hinted  at,  or 
that  might  be  thought  of  ?  One  Branch  of  which, 
(viz.)  that  of  breaking  up  of  Land,  and  Improve- 
ments thereon,  or  that  other  Branch  of  Iron-work, 
would  Yearly  save  the  Country  much  more  than  all 
the  Use-Money  could  amount  to,  (were  it  to  come 
clear  of  all  charges.) 

Or  can  it  be  conceived,  that  a  Committee,  tho' 
well  chosen,  can  Inspect  the  Title  and  Value  of 
Lands  ill  all  the  remote  Parts  of  the  Province,  bet- 
ter than  the  several  Towns  can  act  for  themselves  ? 
Or  will  the  Sallaries  of  such  Committees  be  so 
small,  as  to  be  less  than  if  the  several  Towns  have 
the  Management  for  their  own  Advantage  ?  Or  can 
it  consist  with  the  Wisdom  of  a  Religious  People, 
even  to  force  those  to  be  Usurers,  whose  Judgment 
and  Conscience  is  utterly  against  it ;  and  for  failure 
of  paying  Debt  and  Interest,  to  swallow  up  the 
Estates  of  their  poor  Neighbours  ?  Is  not  this  what 
is  abhorred  by  Jews,  Turks  and  Pcqnsts ;  [viz.) 
To  eat  up  their  poor  Neighbours  by  Usury  ? 

Have  the  Laws  of  any  Christian  Nation  ever  ap- 
proved of  it,  or  any  more  than  barely  tollerated  it  ? 


182     CURKENCY   FOR  THE  MASSACHUSETTS   BAY 

And  have  not  nia-[J6]ny  of  the  Celebrated  Divines 
in  K)i(jland  declar'd  it  utterly  Unlawful?  And  must 
this  Country  run  Retrograde  to  all  ? 

To  Conclude  ;  take  the  Words  of  the  Law-Book, 
Title  ( Usurii)  which  was  Enacted  when  there  was 
in  the  General  Court,  many  wise  Religious  Men, 
and  such  as  were  of  the  First  Comers  ;  where  after 
they  have  exprest,  that  none  shall  be  adjudged 
more  than  Eight  Pounds  in  the  Hundred  for  For- 
bearance for  a  Year,  adds,  P.  153.  these  Words ; 
Neither  shall  this  be  a  Colour  or  Countenance  to 
allow  any  Usury  among  us,  contrary  to  the  Law 
of  God. 

FINIS. 


[A  small  octavo  of  sixteen  pages.  The  copy  of  the  pamphlet 
and  the  facsimile  of  the  title-page  were  obtained  through  the 
courtesy  of  the  Boston  Public  Library.] 


[J] 

The  Present  ;^elanc|)Olj>  Circum- 
stances of  the  PROVINCE 
Consider'd,  and  Methods  for  Re- 
dress humbly  proposed,  in  a  Letter 
from  one  in  the  Country  to  one  in 
Boston, 
Sir, 

SINCE  our  last  Discourse  about  the  uneasie 
threatning  Circumstances  of  this  Province^ 
as  to  Money  or  a  3fedium  of  Trade ;  I  have 
employed  my  thoughts  somewhat  in  the 
matter,  and  I'll  briefly  hint  some  things  that  have 
occur' d  to  my  mind. 

Our  Fathers  that  first  settled  the  Province  of  the 
Massachusetts-Bay,  brought  some  Gold  and  Silver 
with  them ;  after  a  while,  some  Money  was  Coined 
here,  as  Shillings,  Six-Pences,  &c.  But  in  process 
of  time,  (even  long  before  Silver  Money  was  gener- 
ally Exported,  or  carried  out  of  the  Province,)  the 
greatest  part  of  the  passing  Money  here,  was  Span- 
ish, viz.  Pieces  of  Eight,  Half  Pieces,  Eight  Pences, 
&c.  This  Money  I  suppose  was  chiefly  the  Peturns 
made  for  our  Fish,  Lumber,  Horses,  Grain,  Beaf 
PorTc,  &c.  Exported  or  carried  out  of  the  Country. 
I  think  this  demonstrates,  that  in  those  times  what 
we  Exported  of  our  own  produce  (or  the  fruits  of  [2] 
our  own  labour),  was  more  than  what  was  Imjjorted 
from   other    Places,   either   for   Food,   Drink,   or 


184  CURRENCY  FOR  THE 

Cloathing  ;  therefore  to  make  the  Ballance,  Money 
came  in,  and  coiitmued  Circulating'  among  us.  In 
those  times  the  Wealth  of  this  Country  was  on  the 
growing  hand.  But  of  late  Years,  I'll  suppose  the 
Twentii  last  past,  our  Silver  Money  has  been  gen- 
erally Exported,  so  that  now  there  is  not  a  Penny 
of  it  passing  between  Man  and  Man.  Tho'  I  don't 
know  exactly  (nor  I  believe  any  one  else)  how  much 
Money  has  been  Exported  this  last  Twenty  Years, 
yet  I'll  now  suppose  it  to  be  Three  Hundred  Thou- 
sand Pounds ;  and  I'll  suppose  we  have  now  about 
Two  Hundred  Thousand  Pounds  out  in  Province 
Bills  ;  what's  out  in  Province  Bills,  and  to  be  Col- 
lected by  Tax,  the  Province  owes  for,  and  is  so 
much  in  Deht ;  what's  out  upon  Loan,  is  owing  for 
hj  particidar  Persons  in  the  Province,  so  that  the 
Inhahitants  of  this  Province  owe  for  the  whole. 
Now  if  the  guess  I  have  made  be  exact,  (which  I 
don't  pretend  to)  or  pretty  near  it,  then  this  Pro- 
vincem  what  is  spent  and  what  is  owed  for,  are  about 
Five  Hundred  Thousand  Pounds  sunk  in  their 
Estates,  in  about  Twenty  Years.  If  my  guess  be 
right  in  the  Silver  Exported,  and  the  Province 
Bills  now  out,  then  the  Conclusion  I've  drawn  must 
needs  be  true. 

But  how  comes  it  that  we  have  sunk  so  [3] 
much  in  our  Estates,  in  so  short  a  time  ?  If  any 
think  it  occasioned  by  the  Wars  we  have  had  in  the 
last  Twenty  Years  ;  I'm  humbly  of  a  different  Sen- 
timent ;  for  we  did  not  hire  Foreigners  to  manage 
our  Wars.    This  Province  did  not  send  away  Silver 


'f^^tnia  r  i    \      fy'/f-^ic^ 


J  . 


be  Pxcfcht.  fiPt;ia.npllO!l>  CTrriim^ 

^  ftanccsc^-f 'Jt/D  V  I  N  C  E 

Co\iiiAq0,r.f'^d,  l%rlxods    for, 

Rcdrefsiiurnbiy'^">ro^0^^^^^      in  a 

letter  ftom'iine  ^ii  rlic  Cou?itryx<i 

one  in  Bofto7i. 

Sir,*  ' 

' /^  lt;^Ct  Gur  lalt  Difcoiirre aboutthe  uncafic 
^L^  ibreatning  Circuinftances  oi  this  Pro- 
^|,.  ^;i/?<:^,as  to  Money  or  a  ^'li^Jii^^vof  Tta/c'  ^ 
is-A*  ihafe  employed  ir  .  : h'nicriicsfomewhat 
in  the  matter,  andPllf.i  .ti.  ';;  ,,  fome  things 
dm  have<5ccur'd  to  imy  rni/^ii. 

(Our  Fathers  that  hrft  fc^l'-l  die  Prcvince 
«^fthe  J\hrlJacbj(frns-ByA-\  me  Go/d  aid 

Silver  with  them  ^  aiier  a  whiic,  Ibme  JJ  ;20 
^^'ii.  Geiiicd  here,  as  b>hilbngs^  Six-Tcnccs^  &c. 
But  in  prot^fs  of  time,  (even  lOcg  before  ^y/'/t'^;* 
Money  was  generally  Exported^  ot  cairied  out 
ofthe  Province,)  the'grcateft  parrot-  \.\xQp>iJ]ing 
^^oTicy  here,  was  Spamjl^^  viz.  P/rr^rj  <j  Eiijln^ 
'^■I'J  Pieces,  Eight  Pences^^c.  This  Money}  1  tip- 
Pofewaschiefiy  \Mt  Returns  made  fbrouri^'y^, 
dumber  ^  H^rfis,  Qram^  Bcaf^l  \^rk^U.z,  Exported. 
';^  carried 'out  of  tlic  Country.  1  think  iti»s 
■Jcnnoiiftrates,  that  in  thofe  times. wh?it,''1^'e 
^•\Pc>rt0d,  OX  .ouj:ou'f^  p/vd^/ce  (  or  the  fruits  of 
A  ott 


]MASSACHUSETTS   BAY  185 

Money,  to  hire  assistance  against  Indians  or  French. 
My  opinion  therefore  is,  that  our  decay  in  Wealth 
is  chiefly  owing  to  our  Mismanagements,  especially 
our  Extravagance. 

What  is  Imported  into  the  Province,  &  Sjjent 
here,  is,  or  should  be  Paid  for ;  else  we  are  dis- 
honest, which  does  not  become  Men,  much  less 
Christians,  as  we  are :  And  if  the  Fruits  and  Pro- 
duce of  our  own  Lahour  in  this  Province,  won't 
make  a  sufficient  Exjoort  to  jDay  for  what  we  receive 
from  Abroad,  and  Spend  here;  then  the  Silver 
goes  to  make  the  Ballance,  and  pay  the  remainder. 

And  this  is  the  very  Case,  the  short  and  long  of 
the  Business.  Our  Silver  is  gone  to  pay  the  over- 
plus of  Imported  Goods,  above  what  our  own  Pro- 
duct Exported,  could  pay.  Among  the  Commodities 
Imimrted,  some  are  really  useful  for  us,  which  we 
are  not  able  to  raise,  or  make  our  selves,  some  not 
at  all,  some  not  as  yet,  or  not  enough  of  it,  as  Can- 
vas, Biggin,  Brass,  Coj^per,  Pewter,  Tin- Ware, 
Glass  for  Windows,  Sugar,  Melosses,  Cotton-  Wool, 
Paper,  Needles,  Pins,  Scythes,  Sickles,  Cutlary 
Ware,  &c.  I  sup-[4]pose  our  own  Produce  (if 
we  joyned  Prudence  and  Diligence  together)  which 
might  be  Exported,  would  be  enough  to  pay  for  all 
the  Imjjorted  Commodities,  which  are  really  needful 
and  useful  for  us. 

But  then  many  things  have  been  Imported, 
which  have  not  heen  necessary,  yet  very  costly  ;  such 
as  Silver  and  Gold  Lace,  worn  on  Cloaths  and 
Shoes,  Velvet,  Bich  Silk,  Sattin,  Silk  Stockings^ 


186  CURRENCY  FOR  THE 

Fine  Broad-Cloths,  Camlets,  rerriwiggs,  Fine 
costly  Shoes  ami  Pattoons,  Hlhhons,  Rich  Lace, 
SUk-IIankerchiefs,  Fine  Hatts,  Gloves  of  great 
price  and  little  worth,  China  Ware,  very  Costly- 
Looking-GlasseSf  Cane-Chairs,  Costly  Beds  & 
Furniture,  &e.  We  in  the  Country,  think  that  so7ne 
scores  of  Thousands  of  Founds  in  late  Years,  have 
been  spent  by  this  Province  in  these  things,  and  that 
the  Province  would  have  been  much  better  without 
them.  I  don't  now  contend  agfainst  these  thing^s  as 
being  Unlawful  in  themselves ;  but  for  us  to  send 
off  our  Silver  Money  to  buy  them,  &  now  not  have 
a  Penny  to  pass  between  Man  &  Man  for  our  neces- 
sary business,  I  think  has  not  been  our  Prudence  but 
our  great  Folly. 

Possibly  some  will  say,  the  fault  is  in  the  Mid- 
dling or  Poorer  sort  of  People,  who  buy  these 
things,  and  go  above  their  Ability,  in  doing  it.  The 
reply  is.  Possibly  it  has  been  great  loeakness  in  the 
Richer  sort  to  lead  in  these  things,  and  greater  folly 
in  the  Poorer  to  follow  them. 

[5]  However,  its  matter  of  Fact,  that  there's 
much  needless  Expence  in  sundry  of  these  things,  and 
tho'  some  Richer  Persons  or  Families  can  bear  the 
Cost  of  these  Expences,  yet  Poorer  ones  (who  too 
much  affect  them)  can't ;  but  whether  such  things 
are  spent  by  Rich  or  Poor,  its  all  one  to  the  Pro- 
vince in  general.  For  what's  Imported  and  spent  in 
the  Province  must  be  paid  for  by  Export  from  it ; 
and  if  the  Produce  of  our  Labour  won't  do  it,  our 
Silver  and  Gold  must  go  (or  rather  is  gone)  to  make 
it  up. 


IMASSACHUSETTS  BAY  187 

And  as  I'm  humbly  of  Opinion,  that  this  Pro- 
vince had  much  better  have  been  without,  many 
Scores  of  Thousands  of  Pounds  of  fine  costly 
things  Imported  &  spent  here ;  so  I  beHeve  other 
things  tho'  useful  in  their  time  &  measure,  have 
been  Imported  and  Spent  in  greater  Quajitities, 
than  has  been  for  our  good,  Such  as  Wine,  Rum, 
Brandy,  (not  to  mention  Tea,  Coffee,  Chacolet, 
which  People  here  formerly  did  very  well  without) 
that  there  has  been  much  needless  Expence  in  these 
things,  I  suppose  none  will  deny.  So  far  and  so 
frequently  as  any  have  drunk  to  excess,  the  Sin  of 
Drunkenness  has  been  chargeable  on  them,  which 
they  should  seriously  and  penitently  consider  of ; 
but  I'm  now  considering  the  matter,  as  to  the  Cost 
of  such  Imported  Liquors.  If  several  Thousand 
Pounds  Yearly,  are  needlesly  spent  in  these  things, 
so  many  Thousands  a  Tear  we  are  hurt  even  on 
this  account,  that  our  Export  [6]  does  not  (with- 
out sending  off  Silver)  equal  our  Import.  If  out 
of  our  own  Produce,  a  Cargo  of  Staves,  Hoops, 
Horses,  &c,  has  for  its  return,  a  Cargo  of  Wine  or 
Rum,  and  one  Third  of  it  is  needlesly  expended 
and  wasted  here ;  if  instead  of  this  Third  need- 
lesly spent,  the  return  had  been  made  in  Silver,  I 
think  this  might  be  caU'd  double  gain.  And  since 
as  to  the  Cost  part  (besides  the  Sin  of  Intemper- 
ance) we  are  much  hurt  by  the  needless  Expence 
of  Imported  Liquors  ;  I  conceive  that  the  needless 
multiplying  Taverns  and  Retailers,  tends  further  to 
impoverish  us.     For  Persons  thus  employed  think 


188  CURRENCY  FOR  THE 

to  get  a  Livuicj  by  their  Business,  and  so  are  for 
cJraic'uKj  and  coidlng  as  much  Liquor  as  they  can, 
and  its  to  be  fear'd,  criminally  incourage  others  to 
buy ;  and  the  more  is  spent  for  what's  Imj^oi^ted, 
the  more  must  be  Exported  in  one  thing  or  other 
to  Pay  for  it.  And  tho'  some  may  think  it  a  Puh- 
Uck  advantage  to  mult'qAy  Licences  for  selling  of 
Drink,  to  draw  more  Excise  Money  into  the  Trea- 
sury ;  yet  I  conceive  it  to  be  a  Puhlick  hurt,  because 
our  Lnport  must  be  answered  by  our  Export ;  and 
yet  we  have  not  enough  of  the  latter  to  do  it ; 
therefore  our  Silver  Money  is  gone.  A  needless 
multiplying  of  Retailers,  whether  of  Drink  or  Shop 
Goods,  is  no  advantage  to  the  Publick.  For  if 
the  same  Goods  are  bought  by  Ten  Persons  one 
after  another,  with  design  to  Sell  again,  [7]  before 
the  Person  buys  them  that  designs  to  wear  or  use 
them ;  each  of  those  Ten  Persons  aims  at  Gaiii  in 
passing  thro'  his  hands,  and  the  last  buyer  and 
user  pays  it  all ;  whereas  if  he  had  bought  it  of 
the  first  or  second  Seller,  he  might  have  sav'd 
the  gain  which  the  other  Eight  or  JVine  Persons 
had,  and  those  Persons  might  have  been  imploy'd 
in  other  Business.  For  tho'  in  this  case  supposed, 
the  Eight  or  iVwie  needless  Retailers,  get  some 
gain  to  themselves,  and  the  last  buyer  and  user 
pays  it  all,  yet  the  Province,  or  Publick  is  not 
enrich'd  one  Farthing  by  their  labour.  If  they  had 
been  employ'd  in  Husbandry,  or  Handy  craft-Busi- 
ness ;  there  would  probably  have  been  some  produce 
of  their  labour  for  the  Publick  Good  ;  either  Grain, 


IMASSACHUSETTS  BAY  189 

Cattle,  Hemp,  Flax  raised,  or  CloatJi,  Shoes,  or 
Utensils  made,  which  might  be  serviceable  to  them- 
selves or  others ;  but  their  meei'  handing  of  Goods 
one  to  another,  no  more  increases  any  Wealth  in 
the  Province,  than  Persons  at  a  Fire  increase  the 
Water  in  a  Pail,  by  passing  it  thro'  Twenty  or 
Forty  hands.  This  matter  might  be  considered,  as 
to  Petty  Shops,  especially  Hucksters  and  Forestall- 
ers  of  the  Market.  I  would  not  be  thought  here 
to  condemn  Retailing  in  general,  for  doubtless  Per- 
sons may  get  an  honest  Liming  by  it,  and  those 
who  buy  of  them  may  be  gainers  too,  by  having 
the  Commodities  brought  nearer,  which  prevents 
the  Time  and  Expence  of  travelling  farther  for 
them.  It's  therefore  only  [8]  a  needless  Retailing 
(whether  of  Drink  or  other  Commodities)  which  I 
look  on  as  hurtful  to  the  Publick,  because  the  Per- 
sons so  employed,  really  raise  or  produce  no  good 
to  the  Piihlick,  which  they  might  do  if  labouring  in 
some  other  and  proper  business.  Needless  Retail- 
ers, with  respect  to  any  Publick  benefit,  are  really 
Idlers  ;  they  help  to  spend  what  is  Raised  or  Im- 
jjorted,  but  produce  neither  by  their  labour. 

Thus  I've  liinted  by  what  way  and  means  I 
conceive  our  Silver  has  been  Exported,  and  we  are 
sunk  so  deep  in  Debt,  viz.  by  Importing  and  spend- 
ing many  things  which  we  had  better  been  without ; 
and  by  an  excessive  sj^ending  some  things  Im- 
ported, which  in  themselves  consider'd,  and  in  their 
time  and  measure  may  be  reckoned  usefid. 

Now  the  Question  is.  How  to  redress  this  griev' 


190  CURRENCY  FOR  THE 

ance,  &  extricate  our  selves  from  these  difficulties. 
I  think  this  Question  is  not  improper  to  be  thought 
upon,  by  any  one  that  wishes  well  to  this  Province, 
as  I'm  sure  I  heartily  do.  My  Opinion  is,  that  we 
can't  suddenly  or  at  once  get  rid  of  these  difficul- 
ties, which  our  own  Folly  and  Extravagance  have 
brought  us  into.  Yet  I  Conjecture,  that  in  a  few 
Years  time,  by  an  ordinary  course  of  Providence 
we  might  gradually  free  our  selves  from  them. 
When  a  Traveller  knows  he  has  missed  his  way,  he 
often  goes  back  in  the  same  Path,  'till  he's  sure 
that  he  is  in  the  right  [9]  road  again.  I  think  we 
should  take  the  same  method.  In  the  mean  time, 
let  us  Cultivate  Peace,  Love,  Unity,  not  be  hard  on 
one  another  for  different  sentiments,  about  ways  to 
mend  our  Cu-cumstances ;  let  us  not  foment  Parties 
and  Factions,  but  studiously  avoid  them,  as  we 
love  God  and  our  Country,  Every  City  or  House 
divided  against  it  self,  shall  7iot  stand.  Thus 
watching  against  Discord,  I'll  say.  Let  not  Mer- 
chants Import  needless  Commodities,  or  if  they  do, 
let  us  not  buy  or  use  them ;  nor  use  more  than 
needs  of  what  is  usefid  in  it  self. 

Let  no  Wool,  Hides,  Leather,  Grain  nor  Can- 
dles be  Fxpoi^ted,  when  at  a  dear  price.  Let  us 
grow  more  Frugal  in  furnishing  &  adorning  our 
Houses,  in  our  Cloths,  Food  and  Drink,  this  we 
might  do  (many  at  least)  without  hurting  our  Bodies 
by  Cold,  Thirst  or  Hunger.  Let  us  be  diligent 
and  laborious,  to  raise,  produce,  make  as  much 
as  we  can  for  our  own  support,  as  to  Food,  Rai- 


MASSACHUSETTS  BAY  191 

menty  Tools,  Utensils.  Let  Husbandry,  (tilling  the 
ground)  be  more  diligently  and  generally  followed, 
that  Bread  and  Flesh  may  be  rais'd,  and  Barley  to 
make  Drink,  that  so  the  less  Iinj)orted  Drink  might 
be  called  for.  Let  us  raise  more  Sheep  &  Flax, 
and  make  as  much  of  our  own  Clothing,  both  Wool- 
len &  Linnen  as  possibly  we  can.  If  People  would 
generally  &  -purposely  chuse,  to  wear  Cloths, 
(Woollen  &  Linnen)  Stockens,  Shoes,  Gloves, 
Halts,  of  our  own  Country  make  ;  this  would  i?i- 
courage  more  to  [10]  Fynjjloy  themselves  in  mak- 
ing these,  &  in  growing  more  skilful  and  exact  at 
it,  and  would  prevent  the  Import  of  many  Thou- 
sands a  Year,  for  which  (among  other  unneces- 
saries)  our  Silver  is  gone.  Two  Bides  well  ob- 
served would  help  us,  viz.  Let  us  by  diligent  labour 
raise  &  make  as  much  as  we  can  for  our  selves,  of 
Food,  Baiment,  Utensils,  &c.  and  buy  no  more  of 
Imported  Goods  than  necessity  requhes,  I  say,  the 
observing  these  Rules  would  soon  turn  the  Sccdes, 
and  better  our  Circumstances  :  I'm  humbly  of  opin- 
ion, that  a  Thousand  Schemes  about  Banks  and 
Paper-Money,  would  not  help  us  like  this.  If  this 
course  were  well  followed  a  few  Years,  we  should 
then  live  more  on  our  own  Produce,  than  now  we 
do ;  we  should  raise  more  for  Export  than  now 
we  do ;  and  our  Export  in  Fish,  Oyl,  Whalebone, 
Horses,  lumber,  &c.  would  far  more  than  pay  for 
necessary  Importations,  and  therefore  the  oveiplus 
would  naturally  (as  it  were)  return  in  Silver  and 
Gold,  and  so  we  should  have  such  Money  as  plenty 


192  CURRENCY   FOR  THE 

as  ever.  But  the  longer  we  continue  in  our  ^;re- 
sent  course  of  spending  so  much  of  Imported 
Commodities,  and  raising  so  little  by  our  own  la- 
hours,  so  much  the  deeper  we  necessarily  sink  into 
misery.  By  this  present  course  we  are  in,  we  take 
off  the  Manufactures  and  maintain  the  Labourers 
of  other  parts,  even  as  far  as  the  East  Indies,  (by 
the  Silks,  Muslins,  &c.  we  have  from  thence)  and 
j)ay  for  it  (so  far  as  'tis  [U]  done)  not  out  of  our 
Labour,  but  our  Stock,  for  our  Silver  is  gone  al- 
ready, &  we  are  deep  in  debt  into  bargain.  Our 
iooMsh  fondness  of  Forreign  Commodities  (^Fash- 
ions has  almost  ruin'd  us.  How  many  Thousand 
Pounds  within  this  Two  or  Three  Years  have  been 
Expended,  in  only  one  particular  instance,  viz. 
Camlets  and  trimming  for  Riding-Hoods,  and  in 
making  them  ?  Has  not  Three  Quarters  of  this,  if 
not  more,  been  needless ;  tho'  the  labour  in  making 
has  been  paid  for  here,  yet  the  Im2:>orted  Mcderi- 
als  must  be  paid  for  by  some  Export.  If  we  had 
now  Five  Hundred  Thousand  Pounds  in  Silver 
Currant  among  us,  I  beheve  'twould  soon  be  carried 
off,  if  we  did  not  alter  our  present  course,  viz.  to  be 
less  fond  of  Forreign  Commodities,  and  to  be  more 
laborious  to  raise  Necessaries  for  o\ir  selves. 

We  in  the  Country  think,  that  Plotting  heads, 
Proud  hearts,  and  Idle  hands,  will  never  maintain 
a  People  ;  and  that  a  close  following  the  Wheel 
within  doors,  and  the  Plough  without  are  much 
better  and  stronger  Politicks.  Many  complain  they 
scarce  know  how  to  live,  and  I  don't  wonder  at  it. 


JVIASSACHUSETTS  BAY  193 

for  many  affect  to  live  higher  than  they  need,  or 
can  hear.  You  in  Boston  go  very  fine,  we  in  the 
Country  are  smattering  at  it,  and  coming  to  it,  by 
degrees.  First  by  clipping  and  debasi?ig  Silver 
Honey,  then  by  sending  it  aioay,  and  the  coming 
o£  Paper  Money  in  the  [12]  room  of  it;  I  say, 
hereby  Merchants  Imported  Goods  are  come  to  an 
Extravagant  Advance.  When  we  buy  European 
or  West-India  Goods,  we  give  for  some  double,  for 
others  more  than  double  the  Price  that  was  given 
Fifteen  or  Twenty  Years  ago.  This  necessitates  us 
in  the  Country,  to  raise  in  some  prop)ortion  the 
Price  of  our  Grain,  Flesh,  Wood,  Hay,  Butter, 
Cheese,  &c.  We  formerly  Sold  Butter,  Six  pence 
a  Pound,  that  Six  Pence  would  buy  Two  Pounds 
of  Sugar,  and  if  we  now  have  Nine  pence  a  Pound 
for  Butter,  that  Nine  Pence  will  buy  but  One  Potmd 
of  Sugar,  or  thereabouts.  So  that  when  we  receive 
so  great  a  Price  as  we  do,  yet  we  find  it  hard  enough 
to  rub  along  ;  and  the  more  so,  because  Boston  dis- 
temper is  got  into  the  Country,  that  is,  We  and 
our  Families  are  fond  of  many  needless  Imported 
Commodities,  and  must  pay  the  Importers  or  Mer- 
chants an  Extravagant  rate  for  them.  If  this  rais- 
ing on  one  another  in  Trade,  helps  some,  yet  it 
hurts  more. 

Another  thing  which  very  much  deserves  our 
consideration  is.  That  Salary  Men,  3Iinisters, 
School- Masters,  Judges  of  the  Circuit,  President 
&  Tutors  at  Colledge,  Widows  and  Orphans,  &c. 
are  pincht  and  hurt  more  than  any ;  for  while  they 


194  CURRENCY  FOR  THE 

pay  it  may  be  double  or  more,  both  for  Imported 
Goods,  and  the  Produce  of  the  Country,  yet  their 
Salaries  are  not  increas'd  (if  at  all)  in  j^roj^ortion, 
to  what  i\\e  Merchant  and  [J 3]  Ilushandman  raises 
upon  one  another,  tho'  they  must  buy  of  both.  If 
Justice  and  Equity  don't  say,  their  Salaries  ought 
to  be  increas'd,  let  any  one  judge. 

But  possibly  some  will  say,  if  we  do  our  utmost 
to  raise  necessaries  for  our  selves,  and  buy  no 
more  than  necessity  requires  of  hnported  Commod- 
ities, this  course  wdll  spoil  3Ierchandizing  and 
Trading.  I  reply,  the  good  of  the  whole  should  be 
preferred  to  that  of  a  part.  Merchandizing  and 
Trading  are  necessary  and  j^roftahle  for  us,  if  well 
manag'd ;  but  mismanagement  therein,  may  hurt  a 
People.  Trading  has  carried  off  our  Money,  we 
have  not  a  Shilling  in  Silver  passing,  and  we  are 
deep  in  Debt ;  has  not  this  Trading  almost  ruin'd 
us  ?  Is  not  this,  to  hiiy  and  sell  and  live  by  the 
loss  ?  It  is  not  profitable  to  the  PubHck,  to  have 
too  many  of  any  jmrtieidar  Trade  or  Calling,  for 
they  must  either  be  idle  (when  they  might  be  im- 
ploy'd  in  proper  business)  or  labour  for  little  or 
nothing,  which  is  unprofitable  to  themselves,  and 
to  the  Publick  therein.  If  there  be  Merchants 
enough  to  manage  the  Export  we  can  raise,  and  the 
Import  we  7ieed,  there's  enough  ;  Sup)ernumeraries 
are  hurtful  not  serviceable  to  the  Pubhck ;  'twould 
be  better  they  were  imploy'd  in  other  business. 

Possibly,  some  think,  that  the  Emitting  more 
Paper  Money  would  bring  us  out  of  our  [14]  diffi- 


MASSACHUSETTS  BAY  195 

culties,  but  I'm  humbly  of  another  Opinion.  I 
think  some  engaged  in  Trade  have  observ'd,  that 
since  the  Emitting  the  last  Hundred  Thousand 
Pounds,  the  Price  of  Commodities  Imported,  and 
of  our  own  Produce,  has  been  considerably  rais\l ; 
which  is  not  so  much  from  the  scarcity  of  such  Com- 
modities, as  from  the  mean  ojmiion  Persons  have  of 
the  2^assi)ig  Money,  The  last  I  have  heard  is,  that 
when  Silver  Money  is  Sold  (now  and  then  a  little 
as  some  can  get  it)  it  fetches  Eleven  or  Twelve  Shil- 
lings an  Ounce  in  Paper  Money ;  whereas  accord- 
ing to  our  Law  [Seventeen  Penny  Weight  at  Six 
Shillings)  Silver  Money  is  but  a  very  small  matter 
more  than  Seven  Shillings  an  Ounce,  This  plainly 
shows  the  low  value  People  have  for  Paper  Money. 
It  seems  as  tho'  the  more  'tis  increas'd  the  less  'tis 
valued,  I'm  prone  to  think,  that  if  every  Family 
in  the  Province,  had  a  Thousand  Pounds  in  Paper 
Money;  Twenty  Shillings  of  it,  would  not  then 
buy  so  much,  as  Five  Shillings  will  now.  In  this 
Province,  People  generally  desii*e  to  be  Freehold, 
they  don't  chuse  to  be  Tenants,  and  pay  Rent. 
But  if  we  take  up  Money  whether  of  the  Province 
or  2^<^^t'i'Gular  Persons,  on  our  Lands  ;  we  so  far 
become  Tenants  to  the  Lenders,  and  jy^^y  Rent  to 
them.  And  if  we  can't  pay  when  what's  borrowed 
is  regularly  call'd  for,  but  a  Course  of  Law  recov- 
ers Land  from  us ;  possibly  more  Land  will  be 
taken,  then  we  should  have  [15]  been  walling  to 
have  Sold,  for  half  so  much  more  as  we  have  bor- 
rowed.    Possibly  some  who  have  taken  up  Money 


196  CURRENCY  FOR   THE 

on  their  Lands,  by  being  uncapable  of  paying  will 
Jose  them  ;  Frugality  and  Diligence  would  have 
been  a  greater  kindness  to  such,  than  their  hiring 
Money  was. 

This  (out  of  true  love  to  my  dear  Country, 
where  I  was  born,  and  hitherto  have  hv'd,  without 
ill  will  to  any  Person  or  Persons  whatsoever,)  I've 
freely  given  you  some  hints  of  my  Opinion,  about 
our  present  uncomfortable  Circumstances ;  you  may 
consider  'em,  and  communicate  'em  to  your  Neigh- 
bours if  they'l  do  any  good.  If  you  see  meet  to 
return  your  own  thoughts  to  me  in  Writing,  I 
should  be  glad  of  your  Opinion  as  to  the  following 
Queries,  viz. 

If  Richer  and  Abler  Persons  and  Families, 
would  abate  considerably  of  their  Rich  needless 
fineries,  and  costly  way  of  living ;  therein  giving 
a  leading  Example  to  Inferiors  ? 

If  needless  Extravagant  Expences  at  Weddings 
&  Funerals  were  retrench'd ;  and  no  Gloves  but 
of  our  own  make,  given  at  either ;  nor  Drink  at 
Funerals  but  of  our  own  produce ;  nor  Scarves  but 
for  Persons  of  some  distinguished  ranh'^ 

If  Counsellors,  Ministers,  Militay  Commission 
Officers,  would  'purposely  wear  Garments,  Shoes, 
Stockings,  Gloves,  Halts,  (as  soon  as  they  can  get 
'em)  of  our  own  make  ? 

If  considerable  encouragement  were  given  [J 6] 
by  the  Puhlick  for  the  Raising  and  Manufacturing 
of  Hemp  and  Flax,  especially  that  the  Poor  in 
Town  and  Country  might  be  Employed ;  and  for 


MASSACHUSETTS  BAY  197 

Manufacturing  of  Iron,  (whereof  there  is  plenty  of 
Oar  in  the  Land,)  especially  in  Casting  Potts,  Ket- 
tles, making  Nails  of  various  sorts,  &c.  ? 

If  Waste  Lands  within  Townships  were  Tax^d, 
to  make  the  Owners  themselves  Lnprove  'em,  or 
Sell  'em  to  those  that  would,  for  the  producing 
more  plenty  of  Grain,  Flesh,  Butter,  Cheese,  Wool, 
&c. 

Whether  these  Methods  would  not  be  of  Publick 
Service? 

But  as  to  my  own  Opinion,  'tis  in  short  what  I 
said  before,  to  raise  what  we  can  by  our  own  labour, 
to  supply  our  selves,  and  to  buy  no  more  than  neces- 
sity requires  of  Imported  Goods,  is  the  most  sure 
way  to  relieve  us. 

March  6th.  1718,  19. 


BOSTON:  Printed  for  B.  GRAY,  and  J. 
EDWARDS,  at  their  Shops  on  the  North  and 
South  side  of  the  Town-House,  in  King-Street. 
1719. 

[16  mo,  16  pp.  The  copy  of  the  pamphlet  and  the  facsimile 
of  the  title-page  were  obtained  through  the  courtesy  of  the  Mas- 
sachusetts Historical  Society.] 


[I] 


An  Addition 

To  the  Present  ;^elanct)Olp  Circum- 
stances of  the  PROVINCE  Con- 
sidered, &c.  j^atCf)  6th.  1718,9. 
Exhibiting  Considerations  about  l^a- 

hour^  Commerce^  Money ^  Notes ^  or  Bills 
of  Credit, 

LABOUR  is  needful  in  order  to  our  com- 
fortable Living  in  the  World.  Inasmuch  as 
we  consist  of  Material  Bodies,  as  well  as 
Rational  Immortal  Souls.  Our  Constitu- 
tion is  such,  that  Houses  to  dwell  in,  Food 
&  Raiment  are  needful  for  our  Subsistance  ;  Houses 
are  usually  made  of  Wood,  Stone,  Brick,  Lime,  or 
partly  of  them  all ;  JYails,  Hinges,  Glass  for  Lights, 
&c.  are  also  used  in  making  a  comfortable  Habita- 
tion ;  Now  its  obvious  to  every  thinking  Person,  that 
much  Work  or  Labour  (as  well  as  Cost)  is  needful 
to^^  df^;repare  these  Materials,  to  collect  and  get 
them  together  (some  are  often  Transported  very 
far)  and  also  to  joyn  and  put  them  together ;  Hard 
Labour  is  absolutely  necessary,  in  Building  a  Con- 
venient  Dwelling ;  and  often  also  in  keeping  it  in 


200  CURRENCY  FOR  THE 

good  reimir,  that  thro'  the  Idleness  of  the  hands  the 
House  may  not  droj)  through. 

[2]  Labour^ s  as  needful  to  procure  Food  for  our 
Bodies.  As  to  the  Grain,  our  Bread  is  made  of, 
whether  Wlieat,  Rye,  Indian  Corn,  &c.  how  much 
Labour  is  there  to  Fence  &  Plow  the  Ground,  Sow 
or  Plant  the  Seed,  tend  it,  reo/9  or  gather  it.  Thresh, 
Grind,  Bake  it  before  it  becomes  Bread  ?  The  Flesh 
we  eat,  whether  Beaf,  Pork,  Mutton,  &c.  how  much 
Labour  is  there  to  Raise,  Tend,  Feed  Cattle,  Hogs, 
Sheep,  before  their  Flesh  becomes  proper  Food  for 
us  ?  As  to  Fish  though  we  are  at  no  pains  to  raise 
them,  yet  we  are  to  catch  them,  with  Hooks,  Nets, 
&c,  and  often  to  s/^/iV,  salt,  dry  them  before  they  are 
fit  for  our  Food,  or  at  least  fit  to  be  kept  any  time 
without  rotting  and  perishing.  So  as  for  Roots,  Tur- 
nips, Parsnijys,  Carrets,  &c.  And  as  for  Orchard 
Fruits,  Ajyjyles,  Pears,  Peaches,  &c.  much  Wo7'k 
&  Labour  must  be  imployed,  to  produce  such  Things 
as  these  for  the  nourishment  of  oui'  Bodies. 

Labour's  also  as  needful  to  procure  Cloaths  ;  the 
greatest  part  whereof  is  commonly  made  of  Sheeps 
Wool,  Cotton  Wool,  Flax,  Hemp,  Silk  (that's  first 
Spun  fine  by  the  Wo7ins)  Skins  of  Beasts  for  Shoes, 
Gloves,  &c.  As  to  Sheep  there's  Labour  to  raise, 
tend,  feed  them  Winter  and  Summer  before  their 
Wool  is  come  to  its  full  growth,  and  then,  how  much 
Labour  in  washing,  shearing,  carding,  combing, 
spinning,  weaving  (or  knitting)  fulling,  'inaking 
before  we  put  it  on  our  Bodies  to  wear  ?  As  to  Flax 
there  is  Labour  in  sowing,  j^ulling,  dew-rotting,  or 


[  I  1 

mmB 
Alt  Addition 

To  the  Prcfcnt  ^e!ancf)0ip  Cir- 
cumftanccsof  the  PROVINCE 
Confidcrcd,  &e.  .-^^ll)  6th. 
1 7 1 8,p.  ExhibitingConf  idcrations 
about  Labour^  Cxjnujiercc,  Money^ 
Notes,  or  Bill.<  of  Crtdit. 

ABOL-  R  is  iifc.liu!  in  oulor  to  our  f  oniforial ''e 
Living  in  I  he  Wovld.  Ina^jr.uch  .r^  ^\•econfTll:. 
oUMateri.il  Bodies,  as  \\c\]  as  T^aiionaUv!' . 
wgrial  f;ovJf.  Our  Coiiftjturion  is  fuch   ti.ac  . 
.      u-,r      ■''^"'*^'  '11  •  H',    ?  ocJ  &  7?^;//;<r.vf  are 

r^ccUul  for  oi.r  S.   ,  ,  i/c;./.,  ;.rc   uWuWy  nude  of 

f'  ™^,  S/o»f  i?;  ;c/.,  /    ,   ,  ,or  partly  of  i  i;un  :ill  •    7vW/l, 
Pn/^fx,  G/^/.  tor  J  .  ,,:  ,  Fzc.  ;uc  alio  ulct  hi  ,mki,-,T  1  : 
fomiortab'e  H  iLiiat -on  ^  Now  jqs, obvious  to  every  tl'.i  >k-  . 
1  >,  Pcrloii,  tliat  much  H'crk  cr  L^hcjtr  (.,3  ucll  as  CoH\  ' 
r  ntedtul  TO  fit^prcpmc  ihelc  ALiUii.ds,  to  collca 
»-Kl  get  them  iogcthc;r  (feme  arc  n[\cn  Traitjporiai  vcw  • 
;'r.)  and  alio  tt.  pvw  4nd  put  tliciu  to^'cthcr  •  Ha-d  L^- 
"f;''  }f;^iolutdyi^^cc(LiY,   '^n  JhaUh^r  ^   Conv.nrrt 
^■-elh^^  and  often  alfb  in  keeping  it  in   ,,ud  upair: 

i^p^^'       -^^  '^  '^'  "^'"''^^  '^"  ^^'"''  """y  "'^  ■ 


MASSACHUSETTS  BAY  201 

water-rotting,  breaking,  hatchelling,  spining,  weav- 
ing, &c.  before  we  use  it  for  Cloathing. 

These  few  and  brief  Hints  plainly  show,  that  much 
Work  or  Labour  is  absolutely  necessary  to  our  com- 
fortable Living  in  the  World.  The  Wise  Creator  and 
Governour  of  all  things  has  fitted  and  adai^ed  Man 
for  Work  and  Business,  besides  the  rational  Endow- 
ments of  his  Immortal  Soul,  he  has  Feet  for  walking 
&  Hands  for  working ;  that  when  the  Sun  ariseth, 
he  may  go  forth  to  his  work  &  labour  till  the  even- 
ing :  lie  should  work  [3]  lohile  it  is  day.  As  God 
has Jitted  Man  for  Work,  so  he  has  rendred  his  work- 
ing absolutely  needful  for  his  own  Sujjj^ort  and 
Comfort ;  and  has  likewise  said,  Six  Days  shalt  thou 
labour,  and  do  all  thy  work :  Do  your  own  busi- 
ness, work  with  your  own  hands  that  ye  may  have 
lack  of  nothing  ;  if  any  will  not  work  neither  should 
he  eat. 

These  Things  being  so,  I  dont  see  how  we  can  pos- 
sibly excuse  our  selves,  or  have  solid  peace  in  our 
own  Breasts,  if  we  indulge  our  selves  in  Idleness.  If 
some  have  such  Estates,  that  the  Yearly  Incomers 
enough  to  maintain  them,  yet  since  they  have  the 
same  Powers  and  Capacities  for  Business,  and  are 
under  the  same  Supream  Law  with  others,  they  seem 
inexcusable  if  they  wrap  up  their  Talent  in  a  Nap- 
kin, for  they  should  be  good  Stewards  of  the  AbiH- 
ties  betrusted  with  them.  The  greater  Estates  they 
have,  the  more  they're  indebted  to  Divine  Provi- 
dence, and  should  make  grateful  returns  by  vertu- 
ously  imploying  betrusted  Abilities ;  yet  as  they  have 


202  CURRENCY  FOR  THE 

opportunity  they  may  do  good  to  all  Men,  and  be- 
come more  able  to  give  to  him  that  needeth.  But 
Idleness  seems  to  be  a  double  asfo-ravated  crime  in 
those,  whose  honest  Incomes  can't  maintain  them. 
If  they  can  Work  and  won't,  they  may  well  be 
counted  Puhlick  Nusances,  for  in  the  Victuals  they 
eat  and  Cloaths  they  wear,  they  really  live  on  the 
Labour  of  others,  yet  make  them  no  recompence  for 
it;  whether  this  may  be  styled  oj^oi  Injustice  or 
secret  Theft,  I'll  leave  to  the  ingenious  to  decide. 
God's  Authority  and  Mens  own  Necessities,  makes 
Work  and  Lahour  absolutely  necessary  for  them. 
Therefore  Children  should  be  Educated  (not  only  in 
reHgious  Learning  but  also)  to  good  Business,  for 
they  should  he  trained  up  in  the  loay  icherein  they 
should  go.  Idleness  should  be  indulged  by  none,  but 
Diligence  in  proper  Business,  (which  by  God's  Bless- 
ing makes  rich)  should  be  ezemplifyed  in  all ;  the  more 
there  is  of  such  Diligence  among  a  People,  so  much 
the  more  'tis  (ordinarily)  for  their  own  Support  and 
Comfort.  So  far  as  [4]  we  are  thus  Industrious 
we  are  obedient  to  God,  profitable  to  our  selves,  use- 
ful to  our  Neighbours,  advantagious  to  Posterity, 
but  Idleness  is  the  reverse  of  all  these.  If  Sense 
and  Duty  and  Interest  wont,  I  believe  2?ressi7ig, 
pinching  necessity  will  make  some  more  industrious 
than  they  used  to  be.  Yet  to  prevent  mistakes,  I'll 
say,  there  is  a  great  variety  of  Work  needful  for 
the  good  of  Humane  Persons  and  Societies;  besides 
Plowing,  Hewing  or  an  immediate  laborious  work- 
ing with  the  hands.     The  studying  of  Languages, 


IVIASSACHUSETTS  BAY  203 

Arts,  Sciences,  Divinity,  Physick,  &c.  and  the 
emplojdng  the  skill  or  knowledge  obtained  by  such 
Study,  may  greatly  promote  the  Glory  of  God,  the 
Persons  own  benefit,  and  the  good  of  those  he  is 
concerned  with.  This  is  true  as  to  Ministers, 
School-Masters,  Physicians,  &c. 

From  these  Hints  about  LABOUR,  we  pass  to 
consider  something  about  COMMERCE,  by  which  I 
here  understand  all  manner  of  Exchange  in  dealing ; 
whether  we  Exchange  Money  for  Goods,  Victuals, 
Labour,  or  Exchange  one  sort  of  Goods  for  another, 
or  Labour  either  for  Labour  or  Wages.  All  such 
Exchange  I  here  comprehend  under  the  name  of 
Commerce,  and  such  Commerce  is  absolutely  neces- 
sary for  the  good  of  Humane  Societies.  Tho'  an 
House,  Food  Raiment,  are  needful  for  my  com- 
fortable Subsistence,  yet  I  can't  be  supposed  to  be 
equally  skilled  in  making,  raising,  and  providing 
these  various  and  different  necessaries.  A  Great 
variety  of  Arts,  Skill,  Labour,  and  a  great  number 
of  Persons  is  ss  needful  ordinarily,  to  furnish  so 
much  as  one  Person  with  what  is  proper,  for  his 
Habitation,  Food  and  Raiment.  Such  is  the  scanty 
narrowness  of  our  Capacities,  that  generally  much 
Use,  Habit,  Custom  is  needful  to  render  a  Person 
truly  skilful  or  accurate  at  any  one  sort  of  Business. 
Common  sayings  declare,  that  Use  makes  'perfect. 
Experience  is  the  best  School-Master,  Studious 
Diligence  in  a  Particular  Calling,  generally  makes 
a  Person  skilful  at  it ;  the  more  Skilful,  so  much 
the  faster  [5]  and  better  he  can  Work.    The  better 


204  CURRENCY  FOR  THE 

he  Works,  so  much  the  more  profitable  to  him  that 
buys  and  pays ;  and  the  faster  he  Works  or  the  more 
he  does,  so  much  the  more  profitable  'tis  for  himself. 
Every  Person  therefore  should  endeavour  to  be 
Skilful  and  Accurate  at  some  suitable  and  proper 
Work  or  Business,  that  thereby  he  may  be  able  to 
manage  an  honest  Commerce  with  his  Neighbours, 
and  may  make  a  just  recompence  for  the  various 
benefits  he  receives  from  them.  For  instance,  if  a 
Shoe-maker  with  the  Shoes  he  makes,  honestly  pay 
one  for  the  Leather,  another  for  the  Thread  he 
works  up,  another  for  the  Food  his  Family  eats, 
another  for  the  Cloaths  they  wear,  &c.  herein  he 
manages  an  honest  Com'merce  &  Exchange  with 
those  he  is  supplyed  or  benefited  by.  Or  if  he 
Sells  his  Shoes  for  an  honest  price  in  Money,  & 
with  that  Money  pays  particular  Persons  he  deals 
with,  and  also  Publick  dues  to  Church  and  State, 
&c.  herein  still  he  manages  an  honest  Commerce. 
And  I  think  some  Commerce  of  this  general  Na- 
ture, must  be  managed  by  every  one  that  would 
live  honestly.  When  do  we  eat  one  mouthful  of 
Bread,  or  put  on  any  Raiment  whether  Woolen  or 
lAnen,  but  that  several  Scores  of  different  Persons 
have  been  imployed  more  remotely  or  immediately, 
to  raise  and  prepare  the  same  for  our  use  ?  And 
when  the  Labour  of  so  many  is  imployed  for  my 
benefit,  if  my  Labour  (or  the  produce  of  it)  be  not 
immediately  or  remotely  an  equivalent  benefit  to 
them,  I  am  then  unjust  and  dishonest  to  them ;  for 
why  should  I  be  benefitted  by  their  Labour,  with- 


MASSACHUSETTS  BAY  205 

out  making  a  just  return  in  being  some  way  or 
other  as  serviceable  to  them  as  they  are  to  me  ?  If 
we  (being  able)  do'nt  do  at  least  as  much  good  to 
Mankind,  as  we  receive  from  them ;  then  we  are 
Debtors  to  our  Neighbours,  and  unjust  in  our  Con- 
duct to  them. 

Inasmuch  as  we  should  desire  to  benefit  others,  as 
well  as  be  benefitted  by  them ;  therefore  we  should 
not  Sell  our  Labour  or  the  produce  of  it,  for  more 
than  'tis  [6]  worth,  according  to  the  Rules  of  Jus- 
tice and  Equity  :  nor  should  we  desire  to  have  our 
Neighbours  Labour,  or  the  produce  of  it,  for  less 
than  the  just  Value  of  it.  Therefore  to  Sell  as 
high  or  dear,  and  Buy  as  cheap  or  low,  as  possibly 
we  can,  is  no  good  Rule  for  Christians  to  go  by : 
for  we  should  love  our  Neighbours  as  our  selves, 
<5f  do  as  we  woidd  he  done  hy. 

Among  the  many  Products  of  Humane  Labours 
some  are  looked  on  as  necessary ;  others  as  being 
chiefly  for  convenience,  ornament  or  delight.  It's 
as  plain  that  we  should  prefer  Necessaries  to  what 
is  only  for  Ornament,  or  to  please  the  fancy.  JRai- 
ment  is  necessary  for  us,  tho'  this  or  that  particular 
Mode,  Ctd,  Fashion  or  Trimming  is  not  so.  Its 
criminal  therefore  if  thro'  Idleness  we  neglect  to 
provide  necessaries  for  our  selves,  or  Families ;  its 
criminal  also,  if  we  employ  so  much  of  our  Labour 
or  the  Produce  of  it,  in  getting  Things  for  Orna- 
ment or  Delight,  as  to  pinch  or  straighten  our  selves 
as  to  Necessaries  ;  or  render  us  unable  to  pay  our 
just  Debts.     On  the  other  hand,  it's  more  noble  to 


206  CURRENCY  FOR  THE 

be  employed  in  serving  and  supplying  the  necessi- 
ties of  others,  than  meerly  in  pleasing  the  fancy  of 
any.  The  Ploio-3Ian  that  raiseth  Grain,  is  more 
serviceable  to  Mankind,  than  the  Painter  who  draws 
only  to  please  the  Eye.  The  hungry  Man  would 
count  fine  Pictures  but  a  mean  Entertainment. 
The  King  himself  is  served  by  the  Field.  The 
Carpenter  who  builds  a  good  House  to  defend  us 
from  Wind  and  Weather,  is  more  serviceable  than 
the  curious  Carver,  who  employs  his  Art  to  please 
the  Fancy.  This  condemns  not  Painting  or  Carv- 
ing, but  only  shows,  that  what's  more  substantially 
serviceable  to  Mankind,  is  much  preferrable  to  what 
is  less  necessary.  Doubtless  Nebuchadnezzers  Poli- 
tick's  led  him  to  think  so,  when  to  weaken  the  Jev)S, 
he  carried  from  them  not  only  the  Princes  &  Mighty 
Men  of  Valour,  but  also  the  Carpenters  and  Smiths 
whose  Occupation  was  very  necessary  &  useful  to 
humane  Society. 

[7]  Indeed  when  a  People  grow  numerous,  and 
part  are  sufficient  to  raise  necessaries  for  the  whole, 
then  tis  allowable  and  laudable,  that  some  should 
be  imployed  in  Lmocent  Arts  more  for  Ornament 
than  Necessity :  any  innocent  business  that  gets  an 
honest  penny,  is  better  than  Idleness.  If  some  do 
nice,  curious  works  in  Gold,  Silver,  Brass,  Iron, 
Linnen,  Silk  &c.  and  others  whose  Estates  will  bear 
it  pay  them  for  their  Labour  and  buy  what  they 
make,  this  is  much  better  for  the  Publick,  than 
that  any  should  be  idle :  This  yields  the  greatest 
satisfaction  to  me,  as  to  many  unnecessary  Niceties 


MASSACHUSETTS  BAY  207 

and  Curiosities  in  huilding,  adorning  furnishing  of 
Houses,  in  making  fine  costly  Gardens,  Cloaths 
&c.  that  hereby  the  Poor  are  imjiloyed  and  main- 
tained, when  they  could  scarce  Ji7id  work  and  get  a 
living  ;  if  no  business  was  done  amongst  mankind, 
but  what  is  in  its  own  nature  necessary  to  provide 
Habitations,  Food  and  Raiment :  If  the  Rich  thus 
pay  for  such  needless  Curiosities,  chiefly  to  imploy 
and  maintain  the  Poor,  its  noble  and  generous  in 
them,  better  than  if  they  had  given  them  the  Cost 
thereof  for  nothing :  but  if  chiefly  to  gratifie  their 
own  pride,  its  criminal  in  them.  Yet  observe,  if 
we  are  rich  and  able ;  its  better  to  imploy  and  main- 
tain the  Poor  among  ourselves,  than  those  in  for- 
reign  parts. 

And  we  had  better  give  something  to  those  that 
cant  work,  and  to  educate  poor  Children  &c,  than 
to  be  lavish  in  buying  of  needless  curiosityes  for 
our-selves. 

But  truly  our  Country  is  not  yet  of  that  Age, 
People  not  so  numerous,  nor  we  in  such  plentiful 
circumstances,  as  to  require  that  many  (if  any) 
should  be  imployed  in  niceties  and  curiosities.  Tho' 
God  has  given  us  a  good  Land,  a  very  good  Coun- 
trey  for  those  that  will  be  industrious,  yet  it  is  a 
Northern  Climate,  the  winter  so  long  and  cold,  as 
to  make  much  diligent  Labour  necessary  to  provide 
Dwelling,  Food  and  Raiment,  tho'  curiosities  are 
neglected.  We  should  therefore  Exercise  our-selves, 
and  incourage  one  another  in  imploy ments  [8]  di- 
rectly tending  to  supply  our  necessities,  and  pro- 
mote our  comfortable  subsistance. 


208  CURRENCY  FOR  THE 

In  Commerce  to  be  managed  by  a  private  Fam- 
ily,  do's  not  prudence  direct  us,  that  we  should  sell 
or  part  with  what  we  can  best  spare,  and  receive  by 
way  of  exchange  for  it,  what  is  most  needful  for 
us  ?  If  we  receive  money  that  answers  all  things 
procurable  by  commerce ;  if  we  can't  get  that,  we 
should  firstly  aim  at  whats  most  serviceable  rather 
than  at  curiosities.  And  I  presume  the  same  rules 
hold  good,  as  to  Commerce  between  one  Countrey 
and  another.  I  suppose  this  Province  doth  not 
raise  nigh  so  much  Provisions  as  is  needful  to  feed 
our-selves,  and  supply  our  Shijyping,  we  buy  much 
from  other  places,  while  so,  would  it  not  be  an  hurt 
to  send  any  Provisions  to  a  Forreign  Market? 
But  out  of  the  produce  of  our  Labour,  we  may 
spare  great  quantities  of  Fish,  Oyl,  Whalebone,  &c. 
and  for  these,  what  returns  should  we  chiefly  de- 
sire ?  Why  things  that  are  most  serviceable  and 
necessary  for  us,  and  not  for  needless  Commodities, 
sundry  of  which  were  glanced  at  in  the  Letter 
March  6th. 

And  I  think  least  of  all  should  we  desire  so  much 
Rum  as  is  spent  here.  These  Northern  Planta- 
tions on  the  Continent,  are  great  sufferers  by  the 
vast  quantities  of  Rum  spent  among  them.  Tho' 
in  some  cases  it  may  be  useful  medicinally,  yet  I 
have  no  reason  to  think  that  'tis  proper  for  any,  to 
make  an  usual  drink  of  it  if  the  Excise  were  so 
raised,  that  it  could  not  be  retailed  under  Ten  Shil- 
lings a  Quart,  I  believe  it  would  be  ten  times  better 
for  this  Province  than  it  is.      If   the  high  price 


JVIASSACHUSETTS  BAY  209 

might  restrain  many  of  the  poor  labourers,  from 
getting  Rum  and  Flip  ;  I  believe  their  needy  Fami- 
lies woidd  be  much  better  provided  for  than  they 
are.  Don't  some  say,  that  when  Men  drink  so 
much,  they  drink  the  blood  of  their  Wives  and 
Children ;  that  is,  they  waste  the  cost  which  should 
provide  necessaries  for  their  Families. 

If  the  Labourers  in  my  Family  spend  one  fort- 
night [9]  (I'll  suppose)  in  a  year,  to  get  Hoops  or 
Staves  for  a  West  India  Market ;  and  we  spend  the 
returns  of  it  in  Rum,  this  would  be  but  a  miserable 
Commerce  for  my  Family.  We  could  have  done 
well  enouoh  without  the  Rum,  and  if  that  Fort- 
nights  Labour  had  been  spent  in  raising  Grain, 
there  would  have  been  a  better  supply  of  Necessa- 
ries ;  if  in  raising  Flax  or  Hemp,  we  might  be 
employ'd  in  the  Wmter  in  dressing  it;  instead  of 
spending  our  Time  and  burning  our  Skins  over  our 
Drams, 

I'm  humbly  of  the  Opinion,  that  multiplying  of 
Taverns,  Licences  to  Retail  Drink,  and  the  Drink- 
ing so  much  Rum,  have  been  unspeakably  hurtful 
to  this  ProAnnce,  and  if  not  speedily  retrenched  will 
evidently  hurt  and  impoverish  us  much  more.  If 
the  needless  cost  in  Rum  in  a  few  Years  past  were 
computed,  would  it  not  amount  to  as  much  as  the 
Inhabitants  of  the  Province  have  taken  up  upon 
their  Lands  ?  If  that  cost  in  Rum  had  been  spared, 
might  not  this  Mortgaging  their  Lands  have  been 
in  some  measure  prevented  ?  If  any  ingenious  Per- 
son could  pretty  fully  inform  the  Publick,  how  much 


210  CURRENCY  FOR  THE 

Rum  is  Retailed  and  Spent  in  this  Province  in  One 
Year ;  it  might  possibly  give  to  some  a  new  view  of 
things,  and  make  them  more  careful  to  prevent  or 
suppress  what  threatens  us. 

The  Order  that  I  proposed,  requires  that  I  should 
nextly  say  something  about  MONEY.  And  by  this 
I  principally  mean  &  intend,  Gold  or  Silver  that  has 
some  3Iark  or  Stamp  on  it  by  Fuhlick  Authority, 
she^\'ing  it  to  be  Legal  and  Current  Com,  whether 
it  passeth  by  Tale  or  "Weight.  Tho'  I  conceive 
what  passes  by  Tale  is  supposed  to  have  such  a 
Weight  as  the  Law  prescribes  for  it,  as  Crowns, 
Shillings,  &c.  As  for  such  Silver  &  Gold  Money, 
I  think  it  is  Universally  esteemed  by  all  Civilized 
Nations,  has  been  so  in  all  Ages;  and  is  reckoned 
the  best  MedAuin  of  Trade  or  Exchange^  by  all 
that  are  much  used  in  Buying  and  Selling. 

Money  s  more  durable  than  Eatables,  Drinkables 
and  other  Commodities  which  Person  often  Ex- 
change with  [10]  one  another.  In  Silver  d:  Gold 
a  great  Price  or  Value  may  be  contained  in  a  small 
Compass,  a  small  Quantity :  a  small  handful  of 
Money  may  buy  Cart-Loads  of  some  other  things 
that  are  yet  very  useful  for  us.  Money  also  is  easy 
of  Transportation,  a  great  Value  may  be  easily 
Transported  by  Land  or  Water.  These  considera- 
tions render  Money  very  Commodious  and  Useful 
in  Trade  or  Coinmierce.  Gold  &  Silver  are  reck- 
on'd  to  have  an  intrinsick  Value  in  them,  and  some- 
times they  are  used  to  make  Rings,  Jewels,  Spoons, 
Cup)Sy  &c.  but  Money's  chiefly  useful  to  Men,  as  its 


MASSACHUSETTS  BAY  211 

the  most  convenient  Medium  of  Exchange  or  Com- 
merce. The  Wise  Man  says,  Money  answers  all 
things.  If  a  Man  has  3Ioney  enough,  he  may  buy 
Food  and  Raiment,  any  thing  for  Necessity  or 
Delight,  that's  attainable  by  Commerce.  Gener- 
ally, Men  had  rather  have  ready  Honey  than  any 
thing  else,  for  what  they  Sell;  and  Money  will 
more  readily  Buy  what's  wanted,  than  any  thing- 
else  will.  This  proceeds  from  the  Universal  Value 
and  Esteem,  which  Men  have  for  Money.  It's  true, 
The  love  of  Money  is  the  root  of  all  Evil ;  Covet- 
eousness  is  Idolatry  ;  if  we  take  such  Corruptable 
Things  as  Silver  and  Gold  for  our  chief  treasure  ; 
if  we  make  Gold  our  hope,  hfine  Gold  our  Confi- 
dence ;  I  say,  to  do  this,  must  needs  be  criminal, 
provoking  to  God  and  hurtful  to  our  selves ;  yet  the 
Universal  Esteem  Men  have  for  Money  (if  it  be  not 
excessive)  seems  to  be  a  favour  and  benefit  of  God 
to  Mankind ;  because  thereby  it  becomes  an  Uni- 
versal Medium  of  Exchange  or  Commerce.  If  a 
Man  has  Forty  different  things  to  buy,  and  Money 
enough ;  'twill  buy  them  all  as  readily  or  more 
readily,  than  if  he  had  Forty  sorts  of  Commodities 
to  part  with  for  them.  There 's  an  Esteem  of 
Money  which  is  lawful  not  vicious  ;  when  its  val- 
ued as  the  best  Medium  of  Trade  or  Exchange. 
Such  an  Esteem  of  it  Abraham  had,  when  he  of- 
fered Money  to  buy  a  Burying  Place ;  and  Jacob, 
when  he  sent  Money  to  Egypt  to  buy  Corn  in  a 
time  of  Famine;  and  David  [H]  when  he  offered 
Money  for  a  Spot  of  Ground  to  build  an  Altar  on. 


212  CURRENCY  FOR  THE 

3Ioney  being  the  best,  most  approved  Universal 
Medium  of  Exchange ;  the  more  plenty  there  is  of 
it  among  a  People,  the  more  easily  they  may  manage 
all  theii-  Alfaii-s  of  Trade  or  Commerce.  If  a  Man 
can  have  ready  Money  for  what  he  doth,  or  Sells, 
and  his  Money  will  Buy  what  he  has  occasion  for, 
this  renders  the  management  of  his  Affairs  very 
easy,  to  what  otherwise  'twould  be.  A  Bartering 
Trade  is  very  troublesome,  tho'  sometimes  needful 
for  want  of  Money.  It  was  one  of  the  great  Out- 
ward Blessings  of  King  Solomons  Reign,  that 
Money  was  very  plenty  among  his  People. 

Inasmuch  therefore  as  the  Export  of  this  Country, 
must  necessarily  exceed  what  we  spend  of  Imported 
Commodities,  in  order  to  the  making  Money  pass 
Current  among  us ;  it  must  needs  be  wise  in  us,  to 
Spend  as  little  as  need  requires  of  ImjDorted  Goods, 
and  to  Raise,  Make,  Produce,  as  much  as  we  can 
for  our  own  Supply.  The  great  Wisdom  of  our 
British  JVation  appears  in  incouraging  their  own 
Produce,  their  own  Manufacture  ;  in  incouraging 
Labour,  Industry,  Diligence,  Usefid  Arts  and 
Trades  among  themselves,  that  so  their  own  Peo- 
ple may  live  by  their  own  Labour.  And  should 
not  W'C  who  proceed  from  them  imitate  this  their 
laudible  Wisdom  and  Industry'^  Methinks  the 
more  we  do  so,  the  more  we  deserve  their  Praise  and 
Commendation.  If  it  is  Wise  and  advantageous  in 
them  to  do  thus,  must  they  not  commend  it  as  Wise 
and  Advantageous  in  us,  to  imitate  them  herein  ? 

The  Preamble  of  our  Act,  1716.  for  Emitting 


MASSACHUSETTS  BAY  213 

on  Loan  an  Hundred  Thousand  Pound  Bills  of 
Credit,  says,  "  All  the  Silver  Money  which  formerly 
"  made  Payments  in  Trade  to  be  easy,  is  now  sent 
"  into  Great  Britain  to  make  Returns  for  part  of 
"  what  is  owing  there.  Since  they  have  all  oxn Money 
already,  they  must  needs  rejoyce  to  see  us  more  In- 
dustrious and  Frugal  to  maintain  our  selves,  that  we 
mayn't  run  farther  into  their  [J2]  Debt,  and  have 
nothing  to  pay  them.  Parents  are  pleased  to  see 
their  Children  Thrive  by  their  Business ;  and  must 
it  not  be  pleasing  to  our  Nation,  to  see  us  to  imi- 
tate the  Wise,  Industrious  Example  they  set  us,  as 
to  Thrive  and  Prosper  also,  at  least  to  Support  our 
selves  ?  Would  it  not  grieve  them  to  see  us  Proud, 
Lazy,  Extravagant,  Spendthrifts,  bringing  our  selves 
(for  want  of  Wise  Industrious  Methods)  into  per- 
plexing Difficulties  ?  Yet  how  faulty  are  we  herein  ? 
We  have  been  so  deficient  in  Farming,  and  manag- 
ing our  own  Manufacture,  lived  so  much  above  our 
Abilities,  spent  so  much  of  Imi^oiHed  Commodi- 
ties ;  that  our  Money's  gone,  there's  Icarce  a  Penny 
of  it  passing  for  a  Twelvemonth.  We  need  inty, 
and  deserve  shame,  for  these  our  Mismanagements ; 
let  us  be  Wise  and  do  better. 

Now  Consider,  NOTES  OR  BILLS  OF  CREDIT. 
Indeed  I  have  not  so  great  a  clearness  in  my  own 
mind  about  these  things,  as  possibly  some  others 
have  :  Yet  I'll  humbly  offer,  that  I  take  the  Nature 
of  such  Bills  to  be  to  help  our  Memories,  shewing 
how  much  is  Due  to  us ;  and  the  securing  our  In- 
terest, by  Intitling  us  to  so  much  as  the  Bill  speci- 


214  CURRENCY  FOR  THE 

fies,  from  those  obliged  by  it  to  pay  us.  A  Note 
or  BUI  of  Credit  is  not  Money,  nor  supposed  (in  it 
self  considered)  to  be  Pai/mejit,  but  rather  a  Secu- 
rity that  Payment  shall  be  made  in  such  a  time.  A. 
obliges  himself  by  a  Note  under  his  Hand,  to  pay 
Flee  Founds  to  B.  in  Two  Months  time ;  this  Note 
is  neither  Money  nor  Payment,  but  carries  the  Na- 
ture of  a  Bond  or  Obligation,  to  make  Payment  at 
the  Time  mentioned.  The  present  want  of  Money, 
seems  to  be  the  very  reason  &  Foundation  of  this 
Note ;  for  if  he  who  Binds  himself  by  it,  had  Five 
Pounds  Money  to  lay  down,  what  need  he  Bind 
himself  to  Pay  it  Two  Months  hence  ?  Every  one 
had  rather  have  present  pay,  than  be  assured  by  a 
Note  he  shall  be  paid  hereafter.  If  every  one  could 
make  present  Pay,  for  Work  done  or  Goods  Bought ; 
he  would  have  no  occasion  to  desire  Creditor's  Pa- 
tience, or  [13]  to  give  a  Note  to  Pay  him  after  such 
a  Time.  So  that  generally  speaking,  Present  want 
of  Money,  is  the  Reason  or  Foundation  of  Notes  or 
Bills  of  Credit. 

Of  such  Bills,  some  are  of  a  more  Private,  some  of 
a  more  PubHck  nature.  I  conceive  their  private 
ones  concern  (ordinarily)  only  those  particular  Per- 
sons whose  names  are  mentioned  therein.  If  A. 
obliges  himself  by  a  Note  to  pay  Five  pounds  to  B. 
in  three  months  from  the  Date  thereof  ;  this  Note  is 
of  no  benefit  but  to  B.  nor  can  it  effect  any  good 
for  him,  till  the  three  months  are  ended.  If  a  Note 
mentions  the  term  of  time,  when  payment  is  to  be 
made ;  at  the  Expiration  of  that  term,  the  Obliga- 


MASSACHUSETTS  BAY  215 

tion  should  be  fulfilled,  and  payment  be  deferred  no 
longer.  If  no  particular  term  be  mentioned,  but  A, 
is  obliged  to  pay  Five  Pounds  to  B.  upon  Demand, 
it's  then  supposed,  that  very  quickly,  or  whenever 
B,  pleases,  he  may  demand  and  receive  his  Five 
Pounds. 

Some  such  thing  as  this  must  necessarily  be 
understood,  where  there's  no  particular  term  set  for 
payment ;  else  the  Note  would  only  be  a  Declara- 
tion, that  A.  would  always  owe  for  Five  Pounds  to 
B.  and  a  thousand  of  such  Notes  or  Declarations 
are  not  worth  a  Straw  :  I  would  thank  no  man  for 
his  JV^ote  or  Bond,  obliging  himself  always  to  owe 
me  a  Thousand  Pounds,  for  if  he  always  owes  it, 
he  never  pays  it,  and  so  I  shall  never  be  the  better 
for  it. 

This  may  shew  too,  how  weak  and  groundless  a 
fancy  'tis,  that  Paper  Money  (as  it's  called)  or 
Province  Bills,  or  Bank  Bills,  if  such  there  were, 
might  be  confirmed  and  establish'd  so,  as  to  be  of 
perpetual  currency  and  use  like  Silver  Money. 
Those  who  entertain  this  Notion,  may  for  all  me, 
please  themselves  with  Notes  and  Bonds,  whereby 
Persons  ingage  always  to  owe  (consequentially  never 

to  pay)  them  so  much Again,  A.  may  give  a 

Note  to  B.  to  receive  Five  Pounds  of  C.  or  in  other 
words,  may  draw  a  Note  upon  C.  to  pay  unto  B. 
Five  Pounds  upon  sight  of  said  Note,  or  [14]  in  so 
many  Days  after.  If  C.  doth  protest  or  refuse  this 
Note,  then  'tis  of  no  present  immediate  use  to  any 
one.     If  C.  accepts  the  Note,  he's  then  oblig'd  to 


216  CURRENCY  FOR  THE 

act  as  that  directs.     In  this  case  the  Note  is  of  no 
immediate  use  or  benefit  to  any  but  to  B.  again. 

If  A.  gives  a  JS^ote  in  General  terms  to  this  pur- 
pose, '  viz.  I  acknowledge  my  self  Debtor  Five 
*  Pounds  to  the  Possessor  of  the  Note,  and  oblige 
'my  self  to  pay  said  Sum  at  the  end  of  Three 
'  Months,  from  the  Date  hereof.  Dated  this 
*&c. A. 

Such  a  Note,  persons  may  receive  or  refuse  at 
pleasure,  none  can  be  obliged  to  accept  it,  but  the 
more  the  Ability  and  Honesty  of  A.  (who  Sub- 
scribes the  Note)  is  known,  so  much  the  more  likely 
'tis,  that  the  Note  will  pass  with  some  persons,  if 
they're  satisfied  'tis  not  Counterfeit. 

These  Bills  or  Notes  already  mentioned,  are  of 
a  private  Nature ;  their  whole  Credit  or  Value  de- 
pends on  the  Ability,  and  Obligation  of  some  par- 
ticular person  considered  as  in  a  private  capacity. 

But  then  other  Notes  or  Bills  of  Credit  are  of  a 
Publick  Nature  ;  there  is,  the  Authority  or  Govern- 
ment in  a  Kingdom  or  Country,  ingages  to  make 
them  good,  to  Pay  or  Discount  them.  I  take  our 
Province  Bills  (and  those  of  Neighbouring  Govern- 
ments, New- HamjJ shire,  Connecticut,  &c.  to  be  of 
this  Nature.  And  tho'  these  Bills  are  in  common 
Discourse  called  Paper  Money,  yet  the  Law  does 
not  look  on  them  as  Money,  but  calls  them  Bills  of 
Publich  Credit.  He  therefore  that  receives  one  of 
these  Bills,  doth  not  receive  Money,  nor  pay  pro- 
perly so  called.  He  that  pays  down  what  he  ows, 
hath  not  occasion  to  be  credited  or  trusted ;    but 


MASSACHUSETTS  BAY  217 

inasmuch  as  the  Province  had  not  ready  Money  to 
serve  the  Pubhck  occasions,  therefore  they  emitted 
these  Notes  or  Bills  of  Credit,  as  Security  to  the 
Possessor  of  the  Bill  for  the  Sum  specified  in  it. 
For  Instance,  the  Twenty  Shillings  Bill.  '  This  In- 
'  dented  Bill  of  Twenty  [15]  Shillings  due  from  the 

*  Province  of  the   Massachusetts-Bay  in  New-Eng- 

*  land,  to  the  possessor  thereof,  shall  be  in  value 

*  equal  to  Money  ;  and  shall  be  accordingly  accepted 

*  by  the  Treasurer,  and  Receivers  subordinate  to  him 
'  in  all  Publick  payments,  and  for  any  Stock  at  any 
'  time  in  the  Treasury  &c. 

He  that  possesseth  the  Bill,  do's  not  possess 
Twenty  ShiUinrjs,  for  that  Sum  is  due  (therefore 
not  paid)  to  him  ;  nor  do's  he  possess  Money,  for  the 
Bill  is  to  be  in  value  equal  to  Money,  therefore  the 
Bill  is  nothing  but  a  Note  or  Instrument  whereby 
the  Province  is  obliged  to  Pay  or  Discount  Twenty 
Shillings  to  the  Possessor.  I  use  the  word  pay  or 
discount,  because  tho'  the  Bill  says.  Twenty  Shil- 
lings are  due,  from  the  Province  to  the  Possessor, 
yet  it  do's  not  directly  say,  that  the  Province  shall 
pay  Twenty  Shillings  to  the  Possessor  ;  but  only 
that  this  Bill  shall  be  accepted  as  equal  to  Money 
by  the  Treasurer,  &c.  or  if  there  be  any  Stock  in 
the  Treasury  the  Possessor  may  bring  his  Bill,  and 
have  Twenty  Shillings  worth  (as  I  take  the  meaning 
to  be)  of  said  Stock. 

But  I  don't  see  it  likely,  that  there  should  be  any 
Stock  in  the  Treasury  besides  Bills ;  while  the  Bills 
are  to  be  received  there  at  Jive  per  Cent  advance,  for 


218  CURRENCY  FOR  THE 

while  so,  who  would  pay  his  Tax  in  any  thing  besides 
Bills  ?  The  Province  owes  the  Possessor  Twenty  Shil- 
lings, when  the  Possessor  is  taxed  one  and  Twenty 
Shillings  to  the  Province,  and  brings  this  Bill,  the 
Treasurer  receives  it,  and  so  -the  Twenty  Shillings 
due  to  the  Possessor  is  discounted,  yea,  his  Twenty 
Shillings  pass  for  Twenty  one  Shillings,  by  the  five 
per  Cent,  advance.  So  that  I  humbly  conceive,  the 
principal  way  of  Sinking  the  Bills,  will  be  by  calling 
them  in,  and  discounting  with  (rather  than  paying) 
the  Possessor. 

The  Fund  or  Security  for  Province  Bills,  is  the 
Duties  of  Impost  and  Excise,  and  also  the  Tax  to 
be  levied  on  Polls,  and  Estates  both  Real  and  Per- 
sonal ;  as  appears  by  the  Acts  for  emitting  Bills. 
Anno.Dom.  1702.  &  1703.  [J 6]  Therefore  the 
more  of  these  Bills  are  received  into  the  Treasury, 
by  Impost,  Excise  and  Rates,  so  much  the  less  the 
Province  is  in  Debt ;  for  this  drawing  Bills,  dis- 
counts with  the  Possessors  of  them. 

And  the  shorter  the  time  is  for  drawing  in  of 
Bills  the  greater  will  be  their  value  and  esteem  in 
the  minds  of  Persons.  Every  one  desires  present 
pay ;  if  this  can't  be  had,  yet  the  sooner  the  Debt 
is  paid  or  discounted,  so  much  the  better  to  the 
Creditor.  Any  one  had  rather  have  a  Note  from 
his  Debtor  ;  to  pay  him  in  Three  Months,  than  in 
three  Years.  Therefore  to  defer  the  paying  or  dis- 
counting a  Bill  of  Credit  is  a  certain  and  effectual 
way  to  depreciate  or  lessen  the  value  of  it.  In  Pri- 
vate Dealings,  if  a  Person  finds  that  he  whom  he 


MASSACHUSETTS  BAY  219 

Trades  with,  doth  not  keep  his  word,  nor  pay  at  the 
time  he  obhg'd  himself  by  his  Note ;  he'll  be  the 
more  backward  to  deal  with  or  trust  him  for  the  fu- 
ture :  This  is  too  true  and  plain  to  need  proof.  The 
nature  of  the  thing  is  the  same,  as  to  Publick  Bills. 
It's  the  promise  or  ingagement  of  the  Government, 
that  gives  the  whole  value  and  currency  to  the  Bill, 
and  makes  so  much  due  from  the  Province  to  the 
Possessor  of  it.  If  therefore  the  Inofasfement  be  not 
complied  with  at  the  time  set,  but  payment  (or  call- 
ing in  or  discounting  the  Bill)  be  postponed ;  does 
not  this  lessen  the  value  of  the  Bill  ?  and  some  wise 
and  good  Persons  even  doubt  about  the  fairness  of 
this  postponing,  however  it  seems  plam,  that  it  do's 
not  commend  Publick  Ingagements,  to  the  belief  or 
trust  of  Persons. 

Do's  it  not  give  them  an  handle  to  argue ;  that 
if  the  fulfilling  of  one  Publick  promise  be  post- 
poned, so  it  may  be  with  another,  and  what  will  pub- 
lick Faith  (or  ingagement)  signifie  after  this  rate  ? 
Whereas  it  is  the  Wisdom,  Honour  and  Safety  of 
any  Government  to  have  their  Credit  strengthen'd, 
and  all  their  Ingagements  readily  relied  on. 

If  some  will  say  this  Postponing  is  no  hurt,  for 
the  [17]  promise  is  made  to  ourselves,  and  we  may 
defer  the  accompHshment  at  pleasure.  Reply.  But 
is  not  the  matter  otherwise  ?  The  Ingagement  in 
the  Bill  is  made  by  the  Province  or  Government,  not 
to  it,  but  to  the  Possessor  of  the  Bill.  And  gener- 
ally speaking,  none  but  he  to  whom  the  Promise  is 
made;  can  fairly  release  or  defer  the  Accomplish- 


220  CURRENCY  FOR  THE 

ment  of  it.  If  ci  Person  engageth  to  pay  me  20  s. 
at  T\YO  Months  end,  when  that  term  is  Expired, 
he  can't  fairly  deftr  Payment,  without  my  leave  or 
Allowance. 

However,  if  Postponing  the  drawing  in  of  Bills, 
does  sink  the  Credit  or  Esteem  of  them,  and  so  raise 
the  Price  of  Commodities  Imported  and  Produced 
here  ;  this  hurts  many.  The  Merchant  and  Hus- 
bandman seems  least  hurt,  because  they  can  raise 
on  the  Commodities  they  Sell  to  each  other,  and  so 
keep  a  sort  of  Ballance.  But  those  suffer  greatly, 
who  live  on  Salaries  and  on  the  Interest  or  Incomes 
of  their  Estates ;  and  so  do  Tradesmen  and  Day- 
Lahoiirers.  If  I'm  a  Labourer  and  can  have  Four 
Shillings  for  a  Days  Work,  and  a  few  Years  ago  I 
could  buy  Wheat  for  Five  Shillings  a  Bushel,  but 
now  must  give  Ten ;  this  shows,  that  the  Produce  of 
my  Labour  is  not  above  half  the  Benefit  to  me  that 
it  was.  This  is  a  very  great  pressure  and  burden 
on  poor  Labourers,  and  I  can't  but  think  it's  much 
owing,  to  the  mean  opinion  Persons  have  of  Bills 
of  Credit. 

I  think  I  have  heard,  as  tho'  in  South- Carolina, 
Silver  Money  has  been  at  above  30  s.  an  Ounce,  and 
that  a, pair  of  Shoes  have  cost  above  Forty  Shillings 
there  in  Bills,  when  possibly  8  or  9  Shilhngs  in 
Silver  would  have  purchased  them.  We  should  take 
heed  in  this  Province,  that  we  don't  stear  the  same 
Course  with  them.  Therefore  it  seems  much  for  the 
advantage  of  this  People  (in  my  apprehension)  to 
have  the  Bills  of  Publick   Credit  called  into  the 


MASSACHUSETTS  BAY  221 

Treasury,  as  soon  as  the  Establishment  they  are  on 
will  admit  of.  To  increase  such  Bills,  or  continue 
them  out  longer  than  the  foot  they're  on  requires, 
appears  to  me  to  be  a  me-[I8]thod  for  continuing 
and  increasing  our  misery.  To  desire  the  Emitting 
more  Bills,  or  Postponing  the  CoUectmg  of  outstand- 
ing ones,  is  plainly  desiring  to  be  m  Debt,  whenas 
every  wise  and  honest  Man  should  desire  to  be  out 
of  Debt,  &  to  owe  no  man  any  thing  hut  love. 
Parents  should  lay  up  for  their  Children,  but  if 
the  present  Generation  do  not  draw  in  the  Publick 
Bills  as  soon  as  fairly  may  be,  they  may  Intail  Debts 
on  their  Posterity ;  who  must  (Buy  as  it  were,  &) 
Pay  for  the  Inheritances  their  Fathers  left  them,  if 
they  would  be  the  full  and  proper  Owners  of  them. 
And  is  it  not  unkind  in  Parents,  thus  to  antecipate, 
and  while  Living  to  spend  on  that  which  after  they 
are  Dead,  their  Children  must  Labour  and  Pay  for  ? 

But  here's  a  Difficulty  to  be  considered.  Paper 
Money  (as  'tis  called)  is  so  scarce  already,  that 
it's  something  troublesome  to  deal  between  Man  and 
Man  for  want  of  more ;  and  the  more  is  called  in, 
the  greater  will  the  Difficulty  be. 

Reply.  Tho'  its  difficult  now  and  probably  will  be 
more  so  for  a  while,  yet  it  may  be  considered,  that 
the  pressing  Difficulty  should  make  us  do  all  we  can 
to  get  rid  of  it ;  which  (I  suppose)  can't  be  done, 
till  the  Bills  are  called  in  and  Burnt.  This  can't 
be  done  at  once  but  gradually.  And  the  lessening 
their  Quantity  will  certainly  increase  their  Value,  so 
that  gradually  they'l  be  esteemed  as  good  as  Silver 


222  CURRENCY  FOR  THE 

Money,  tlio'  now  there's  a  vast  Difference.  And  T 
think  the  Price  of  Commodities  Imported  and  Pro- 
duced here,  must  necessarily /«//,  as  the  Vahie  and 
Esteem  of  Bills  do  rise.  This  seems  a  likely  way 
too,  to  make  Money  gradually  pass  again  among  us ; 
For  if  the  Value  of  Bills  does  rise  to  be  Equal  with 
Money  in  Private  Commerce,  and  Five  Shillings  in 
Money  will  Buy  no  more  than  a  Five  Shilling  Bill, 
then  the  Possessor  will  almost  as  readily  part  with 
one  as  t'other.  But  now,  tho'  Quantities  of  Silver 
(as  I've  heard)  are  Yearly  brought  into  the  Country, 
yet  the  difference  between  [J 9]  that  and  Bills  being 
so  great  as  'tis,  the  Silver  does  not  pass  between 
Man  and  Man  in  common  deahng,  but  is  bought  up 
by  the  Merchants  to  make  Returns  to  Great  Britain. 

If  you  ask,  Whether  An  Act  to  cause  Impost 
&  Excise  to  be  paid  in  Silver,  would  not  oblige 
Merchants  to  bring  it  into  the  Country,  and  so 
gradually  make  it  pass  among  us? 

I'll  modestly  reply,  it  belongs  not  to  me  to  decide 
this  Case;  yet  Two  Difficulties  seem  to  attend  it. 

First,  Would  not  this  lesson  the  Value  of  Bills  if 
the  Publick  should  prefer  Silver  to  them  in  such  a 
way  ? 

Secondly,  Is  not  this  directly  contrary  to  the  Tenor 
of  the  Bills  themselves  ?  That  says,  the  Bill  shall 
he  in  Value  equal  to  Money,  and  shall  he  accord- 
ingly accepted  hy  the  Treasurer,  &c.  and  in  cdl 
Puhlick  Payments.  If  to  give  Currency  to  the  Bill, 
the  Government  have  made  it  Equal  to  Money  in 
all  Puhlick  Payments  ;  nay  5  per  Cent,  better  in 


MASSACHUSETTS  BAY  223 

such  Payments  ;  then  how  can  it  be  refused  in  any 
PubHck  Payment,  and  Silver  be  preferred  to  it,  with- 
out directly  contradicting  the  Pubhck  Engagements, 
which  alone  has  given  it  all  the  Value  it  has  ?  If 
therefore  we  would  make  no  infraction  on  the  Bills, 
or  the  Establishment  they  are  on ;  I  see  no  way  to 
raise  their  Value  and  Esteem  among  People,  but  by 
lessening  their  Quantity  and  calling  them  in  as  soon 
as  fairly  may  be.  And  tho'  the  doing  this  may  in- 
crease our  Difficidties  in  some  regards,  yet  it  may 
decrease  them  in  others.  I  think  our  over  Trading, 
Living  above  our  Abilities,  needlesly  spending  Im- 
ported Commodities,  and  doing  too  Httle  to  supply 
our  selves,  have  evidently,  tho'  gradually  brought 
these  Difiiculties,  we  should  therefore  be  patient  (not 
fretful  and  quarrelsome)  under  them,  and  be  thank- 
ful to  Divine  Providence,  if  we  may  gradually  (tho' 
with  many  an  hard  rub)  get  rid  of  them,  and  not 
Intail  them  as  a  mischief  and  misery  on  Posterity. 

I  suppose  Money  is  now  as  Plenty  as  ever  in  the 
World  [20]  in  General,  and  daily  increases  rather 
than  decreases ;  its  now  as  much  esteemed  as  ever, 
as  a  Medium  of  Trade.  And  if  we  were  Prudent 
and  Industrious  and  Frugal,  I  don't  see  but  that  we 
might  have  our  share  in  it  (in  an  ordinary  course  of 
Providence)  as  well  as  formerly,  and  as  well  as  other 
Countries  who  have  no  Mines  but  receive  it  only 
by  Commerce.  Possibly  the  Ingenious  may  have 
many  /Schemes  and  Projections,  to  bring  and  keep 
Money  in  the  Country,  but  I  can  think  of  none  so 
honest  and  likely,  as  to  make  our  Export  exceed  our 


224  CURRENCY  FOR  THE 

Import,  which  by  Industry  and  Frugality  (with  an 
ordinary  blessing)  we  might  easily  do.  We  can't  be 
so  ScuKjuine  as  to  think,  that  other  Coimtries  will 
give  us  Moiii'ij  for  nothing ;  if  we  have  it  of  them, 
it  must  be  by  way  of  Exchange  for  some  Produce  of 
our  Coimtry,  or  the  Fruit  of  our  Labour.  If  there- 
fore we  make  our  Export  exceed  our  Import,  it  must 
needs  bring  and  keep  3Ioney  here,  and  I'm  humbly 
of  Opinion,  that  no  other  method  will  be  effectual 
to  do  it.  If  a  Private  Family,  besides  what  they 
spend  of  their  own  Produce  raise  Twenty  Pounds 
worth  for  a  31arket  Yearly,  and  Yearly  Buy  Thirty 
Pounds,  then  they're  Ten  Pounds  in  Debt  and 
behind  hand.  But  if  of  the  Twenty  they  Sell,  they 
lay  out  but  half,  then  they're  Ten  Pounds  before 
hand,  they  have  it  ready  to  serve  their  occasions. 
And  if  the  Province  in  general  would  do  thus  with 
reference  to  other  Countries,  would  it  not  bring 
Money  here.  I  think  aU  the  Province  in  their  va- 
rious Capacities  should  endeavour  this;  and  none 
more  (with  Submission)  than  you  in  Boston. 

I  humbly  conceive,  your  case  as  loudly  calls  for 
pity  and  some  speedy  methods  of  redress,  as  the  Case 
of  any  Town  in  the  Province,  if  not  more.  Your 
thriving  (humanely  speaking)  depends  on  the  numer- 
ousness  of  your  People ;  and  their  being  suitably 
imployed.  But  don't  your  numbers  of  late  decrease  ? 
has  not  the  low  esteem  of  Bills  so  raised  the  price 
of  necessaries.  That  Trades-\2\~\'inen  2inA  Labourers 
can  scarce  subsist.  Is  not  their  being  put  off  with 
half  Money,  and  half  Goods,  a  great  damage  to 


MASSACHUSETTS  BAY  225 

them  ?  Besides  this,  if  they're  Diligent  and  receive 
great  wages  (as  the  hii-er  thinks)  yet  that  wages 
sufficeth  not  to  payment;  Rates,  to  buy  Wood, 
Food,  Cloathing,  &c.  Have  not  these  difficulties 
caused  many  of  your  Laborious  People  to  move  out 
of  your  Town  ?  and  if  these  difficulties  continue  and 
grow,  wont  they  drive  away  more  ?  And  do's  not 
this  thining  of  your  Laborious  Inhabitants,  tend  to 
hurt  and  weaken  you  ?  If  your  Members  continue 
to  decrease,  some  of  your  wealthy  Men  may  rather 
be  called  owners  of  Houses  and  Shops,  than  Land- 
Lords,  for  they'l  scarce  have  Tenants  to  hire  them, 
or  if  they  have,  the  continued  high  price  for  neces- 
saries, will  render  them  unable  to  pay  rent,  and 
possibly  make  them  a  Charge  to  the  Town  too.  If 
this  be  not  the  present  Aspect  of  the  present  Pos- 
ture of  Affairs,  then  I'm  mistaken  in  my  guess. 

Therefore  I  think  Wisdom  and  Interest  should 
move  you,  to  endeavour  in  your  Station  as  far  as 
fairly  may  be,  to  diminish  the  quantity  and  thereby 
raise  the  value,  of  Bills  of  Credit,  that  so  a  reducing 
the  price  of  necessaries  may  incourage  your  industri- 
ous Inhabitants  to  abide  with  you,  and  draw  others 
such  unto  you.  And  for  you  to  pitch  on  some  proper 
methods,  to  promote  Industry,  &  Manufacture 
among  you,  that  so  your  People  (by  Gods  blessing) 
may  live  by  the  fruit  of  their  Labours,  to  me  seems 
necessary  to  prevent  your  farther  Diminution,  and 
to  prevent  your  Poor  being  so  numerous,  that  their 
Neighbours  will  scarce  be  able  to  Support  them,  but 
rather  be  obliged  to  Sink  with  them ;    I've  heard 


226  CURRENCY   FOR  THE 

that  you  in  Boston  are  very  charitable,  ready  to  give 
Alms,  and  I  believe  it ;  Possibly  some  think,  if  good 
Part  of  what's  thus  bestowed,  were  put  into  a  Stock 
to  imploy  the  Poor,  it  might  be  better  for  your  Town. 
You  lay  up  Grain  in  Store  to  supply  your  Inhabit- 
ants, I  suppose  it  prudent  to  do  so,  But  if  your 
Inhabitants  [22]  by  the  produce  of  their  Labour, 
can't  pay  for  it,  it's  but  a  sorrowful  Case  still. 

You  may  think  on  two  things.  Would  not  the 
settling  of  a  Market  help  you  ?  are  there  not  many 
needless  Retailers,  who  buy  up  Provisions  and  Sell 
them  with  advance  to  their  poorer  Neighbours?  Do 
not  the  Poor  oppress  the  Poor  in  this  ?  Is  there  no 
remedy  for  this  ?  Would  not  a  well  regulated  Mar- 
ket help  you  greatly  ?  The  Scripture  frequently 
speaks  of  Markets  as  usual  in  former  times ;  And  I 
suppose  the  Ancient  and  Populous  Cities  who  now 
use  them,  would  by  no  means  be  without  them. 

If  the  Licences  to  Sell  Drink  among  you,  were 
greatly  diminished,  would  not  this  help  you  ?  If  I'm 
not  greatly  mis-inform'd  abundance  of  Cost  and  Time 
is  needlesly  spent  among  you  in  Drink,  and  even  by 
the  Poor  that  can't  subsist  without  Alms. 

Obj.  Retailing  Drink  i^romotes  Trade.  Ans. 
It's  the  Redundance  and  Excess  of  it  that  I'm 
against.  In  this  the  Seller  spends  his  time,  without 
raising  one  farthings  worth  produce  for  Publick 
Good,  and  the  buyer  spends  Time  and  Cost  for  what 
he  had  better  be  without.  This  is  double  damage 
to  the  Publick. 

If  you  should  now  ask,  whether  a  Law  to  make 


MASSACHUSETTS  BAY  227 

Bills  equal  to  Money  between  Man  and  Man,  and  to 
make  them  answer  Specialties  that  is  Bonds  for  Sti- 
ver «&c.  would  not  ease  our  Difficulties  and  bring  in 
Silver  among  us. 

Reply.  I  own  my  self  unable  to  see  thro'  the  Pro- 
priety of  such  a  Law.  For  I  conceive  it  not  easie 
if  possible  for  humane  Laws  to  change  Mens  minds 
about  things  ? 

Tho'  the  Law  allows  jive  per  Cent,  advance  to 
Bills  in  Publick  payments  ;  and  made  the  tender  of 
them  for  payment  {Anno  Dom.  1712)  sufficient  to 
stop  Execution,  I  say,  notwithstanding  these  Acts  in 
favour  of  the  Bills,  yet  Men  don't  esteem  them  as 
Money,  but  will  give  (as  I  am  told,  Twelve  Shillings 
in  Bills  for  an  Ounce  [23]  of  Silver,  which  Ounce 
by  our  Law  is  but  a  small  matter  above  Seven  Shil- 
lings ;  A  Law  indeed  might  lay  restraints  and 
threaten  Penalties,  but  it  can't  change  Men's  minds, 
to  make  them  think  a  piece  of  Paper  is  a  piece  of 
Money,  They'll  not  readily  believe  such  a  Transub- 
stantiation,  if  Men  really  think  that  Silver  is  more 
for  their  profit  than  Bills,  I  don't  see  how  a  Law  to 
make  them  equal  in  Trade,  can  universally  govern 
their  Practice  in  buying  and  selling  which  are  volun- 
tary actions ;  For  if  the  Law  should  threaten  a  Fine 
to  him,  that  would  ask  Twenty  Five  Shillings  in  Bills 
for  Twenty  Shillings  in  Silver,  yet  if  a  man  ask  me 
whether  I'll  sell  such  a  Commodity  I  have  ;  I  may 
surely  ask  him  how  much  he'll  give  and  in  what. 
And  if  he  offers  me  Twenty  Five  Shillings  in  Bills, 
I  may  refuse  it  if  I  please,  who  can  obHge  me  to 


228  CURRENCY  FOR  THE 

Sell  ?  When  yet  if  be  offered  Twenty  Shillings  in 
Silver,  possibly  I  might  gladly  receive  it. 

I  readily  grant,  that  a  Law  to  make  Bills  and 
Money  equal  in  Trade,  might  probably  make  some 
alteration  in  practice ;  but  as  to  the  Expedience  of 
such  a  Law,  I  hesitate,  and  submit  it  to  wiser  Judg- 
ments. 

As  to  the  other  part.  viz.  To  make  Bills  to  answer 
Specialties,  I'm  at  present  not  able  to  see  thro'  the 
fairness  and  honesty  of  it. 

English  Men  are  justly  Fond  of  Property  as  well 
as  Liberty.  If  I  have  Land  or  Goods  to  sell,  I  may 
ask  a  price  I  think  proper  ;  If  none  will  give  it,  I 
keep  what's  my  own.  If  any  offer  to  buy,  I  may 
ask  how  much  they'll  give  and  in  what?  if  they 
offer  to  pay  me  in  Gold,  I  may  refuse  it,  if  I  chuse 
Silver  rather,  and  if  we  make  a  plain  honest  Bar- 
gain, the  buyer  is  obliged  to  pay  me  so  much  Silver 
in  such  a  time  ;  surely  I  may  justly  claim  it,  w^hen 
the  Time's  expired,  if  he  neglects  to  pay  and  I  there- 
upon sue  him,  would  not  any  honest  Jurors  and 
Judges  find  and  declare  for  the  Plantiff  ?  In  mat- 
ters of  Meum  and  Tuum  as  they're  called,  I  think 
the  common  rules  of  Justice  and  Equity  would  say ; 
that  [24]  none  but  he  to  whom  the  Obligation  is 
made,  can  fairly  release  or  lessen  that  Obligation ; 
If  I  Sold  Land  a  Year  ago,  and  the  Buyer  was 
obliged  to  pay  me  so  much  Silver  for  it,  at  the  Term 
of  Two  Years ;  and  a  Law  comes  between  and  says, 
I  shall  take  Bills  instead  of  Silver,  am  not  I  a  suf- 
ferer ?  I  think  Laws  are  commonly  supposed  to  look 


MASSACHUSETTS  BAY  229 

forward,  and  not  backward.  The  Law  in  Anno 
Dom.  1712.  which  made  the  offer  of  Bills  for  pay- 
ment sufficient  to  stop  Execution  for  Debts,  con- 
tracted since  Octob.  30.  1705.  yet  did  it  on  this  foot, 
as  appears  from  the  Preamble,  viz.  That  such  Debts 
were  Generally  understood  to  be  contracted  for  Bills. 
And  so  that  Law,  justly  made  an  exception  for  S^je- 
cialties,  and  express  Contracts  in  Writing.  If  you 
say,  But  to  make  Bills  answer  Specialties,  would  be 
an  ease  to  many  poor  Debtors.  Rejjly.  But  if  it's 
unjust  and  injurious  to  Creditors  (whether  poor  or 
rich)  who  dare  plead  for  it  ?  God  himself  has  said, 
Te  shall  do  no  unrighteousness  in  judgment,  thou 
shalt  not  respect  the  person  of  the  Poor  ;  nor  hon- 
our the  person  of  the  mighty.  Neither  shalt  thou 
Countenance  a  poor  man  in  his  cause.  Justice  and 
Equity  should  be  preserved  between  Debtor  and 
Creditor ;  whether  they're  rich  or  poor. 

If  you  say.  What  then  shall  those  do  who  are 
obliged  by  their  own  voluntary  Bonds  to  pay  Sil- 
ver, now  there's  no  Silver  passing  ?  Peply,  I  would 
advice  such  Debtors  to  beg  forbearance  in  their 
Creditors,  and  say  to  them,  (submitting  to  Provi- 
dence,) Have  patience  with  me  and  I'll  pay  thee  all ; 
and  let  them  honestly  and  industriously  indeavour 
to  do  so.  And  I  would  advise  Creditors  to  avoid 
extremities,  vigour,  not  needlesly  take  their  Brother 
by  the  Throat ;  nor  gladly  catch  at  an  advantage, 
to  squeeze  from  a  Debtor,  twice  so  much  in  value, 
merely  because  he  can't  get  Money.  Whatever  ad- 
vantage we  may  happen  to  have   by  any  humane 


230  CURRENCY  FOR  THE 

Laws,  yet  considered  as  Christians  we  can't  be  ex- 
empted from  that  rule,  As  ye  would  that  Men 
should  do  unto  you,  do  ye  also  to  [25]  them  like- 
wise ;  we  shoidd  rather  suffer  some  damage  our 
selves,  than  bring  a  very  great  one  on  our  Neigh- 
bours. I  presume  that  as  Bills  decrease  in  quan- 
tity they'll  increase  in  value,  and  gradually  before 
they  are  all  in,  be  as  good  as  Money.  Therefore 
Industry,  Honesty,  Frugality  in  him  that's  under 
Bonds,  and  Patience  and  Forbearance  in  him  that 
hath  the  Obligation  (so  far  as  he  well  can)  seems 
the  best  way  to  prevent  very  great  wrong,  either  to 
Debtor  or  Creditor.  This  advice  refers  especially 
to  Honest  Industrious  Debtors,  for  if  a  person  is  in 
my  Debt,  and  yet  lives  idly,  extravagantly,  is  in  no 
hkely  way  to  pay  what  he  owes,  but  rather  to  spend 
and  waste  the  Substance  of  Creditors,  then  what 
reason  is  there  I  should  forbear  him  ?  Why  should 
I  suffer  my  Substance  (gotten  by  honest  Industry) 
to  be  wasted  in  gratifying  his  Pride,  Idleness  or 
Extravagance,  If  thro'  his  Extravagance  he's  not 
able  to  pay  Fifty  per  Cent,  why  should  I  suffer 
him  to  go  on  till  he  can't  pay  Twenty  Fire  ?  I  pre- 
sume many  are  now  convinced,  that  the  giving  too 
much  and  too  Ions'  Credit  has  been  hurtful  both  to 
the  Persons  trusting  and  trusted,  and  'twill  be  well  if 
there  don't  speedily  appear  many  more  proofs  of  this. 

As  I  would  not  advise  any  Creditor  rigorously  to 
take  the  advantage  of  his  Debtor,  so  neither  would 
I  advise  any  Friend  of  mine,  if  he  were  rich  and 


MASSACHUSETTS  BAY  231 

able,  to  hoard  up  Bills  of  Credit  meerly  to  make 
his  Neighbours  buy  them  with  Silver  at  legal  weight, 
to  pay  their  Taxes  with.  I  say  I  would  not  advise 
any  Friend  of  mine  to  hoard  up  Bills  for  this 
purpose,  lest  he  should  get  that  Displeasure  from 
Heaven  which  will  be  more  bitter  to  him  than  all  his 
gam  by  it,  on  Earth,  would  be  sweet. 

[26]  Since  we  should  love  our  Neighbour  as  our 
selves,  how  can  we  receive  Bills  of  them  at  the  low 
Value  they're  now  of ;  and  yet  lay  them  by  on  pur- 
pose to  make  them  Pay  us  near  twice  as  much  for 
them  in  a  little  time  ?  I  desire  no  such  Gain.  And 
if  any  should  hoard  up  Bills,  thinking  in  a  few 
Years  to  be  paid  for  them  out  of  the  Treasury 
in  Silver,  at  Legal  Weight,  they  may  possibly  find 
themselves  mistaken.  For  they  are  to  be  received 
for  any  Stock  in  the  Treasm-y,  and  if  the  Govern- 
ment should  see  meet  as  Bills  grow  few  and  scarce, 
to  take  something  else  besides  Silver  for  Rates, 
whether  Grain,  Flax,  Hemp,  &c.  possibly  when 
Persons  come  to  have  their  Bills  paid  for,  they  may 
be  obliged  to  take  such  things  as  shall  then  be  in 
the  Treasury.  I  humbly  conceive  therefore,  it's 
most  fair,  honest  and  neighbourly  to  keep  the  Bills 
passing  in  Commerce,  till  they're  gradually  called 
in  and  burnt,  and  not  to  hoard  them  up  from  any 
Private  veiws  or  thii-st  after  Self-interest. 

Thus  Sir,  out  of  true  Love  to  my  Country,  whose 
Welfare  I  heartily  wish  and  aim  at,  and  without  be- 
ing asked  by  any  one,  or  designing  to  flatter  or  dis- 


232    CURRENCY  FOR  THE  MASSACHUSETTS  BAY 

gust  any  Person  or  Persons  whatsoever,  I  have  once 
more  open'd  my  Thoughts  to  you  ;  I  don't  otter 
them  with  an  miposing  air,  but  modestly  submit  them 
to  Censure.  If  upon  Seaning  what's  offered,  you 
see  reason  to  fault  any  Sentiments  therein,  please  to 
Ascribe  it  to  the  want  of  more  Skill,  and  not  want 
of  Good-  Will,  to  promote  the  Publick  Welfare.  If 
you  and  I  differ  in  Schemes  and  Projections,  yet 
let  us  be  one  in  Love  and  Friendship ;  let  us  by  no 
means  raise  or  cherish  Parties  or  Dimsions  (which 
directly  tend  to  weaken  and  ruin  a  People)  but  bear- 
ing with  different  AjDprehensions  in  each  other  ;  let 
us  be  Friendly,  Neighboui-ly,  Peaceable,  Honest, 
Frugal,  Industrious,  every  [27]  one  minding  our 
own  Business,  and  indeavouring  the  Welfare  of  the 
whole,  this  will  be  most  advantagious  to  the  Whole 
and  to  all  the  Parts  of  it. 

From  your  Friend  among  the  Oahes  and  Pines, 
April  14.  1719. 


BOSTON:  Printed  by  S.  KNEELAND, 
for  B.  GRAY,  and  J.  EDWARDS,  at  their 
Shops,  on  the  North  and  South  side  of  the 
Town-House,  in  King-Street.     1719. 

[No  separate  title-page.  The  imprint,  "  Printed  by  S.  Knee- 
land,  for  B.  Gray,  and  J.  Edwards,  at  their  Shops,  on  the  North 
and  South  side  of  the  Town-House,  in  King-Street.  1719,"  is 
at  the  end.  The  copy  of  the  pamphlet  and  the  facsimile  of  the 
title-jjage  were  obtained  through  the  courtesy  of  the  Massachu- 
setts Historical  Society.] 


THE 

O  F   T  H  E 
Town  of  B  O  S  T  O  N,  (^c. 

CONSIDERED., 

In  a  Letter  from  a  Gentleman  in 
the  Town,  to  his  Friend  in  the 
Countrey. 


Boston,  Printed  for  Nicholas  Boone,  at  the  Sign 

of  the  Bible  in  Corn/nil:  Benjamin  Gray,  ^indjokn 

Edwards,  at  their  Shops  in  King-street.      1720. 


234  CURRENCY   FOR  THE 

[I] 

Sir, 

Since  you  seem  so  much  concerned  about  the 
Distresses  of  the  Land,  and  want  to  know 
how  Boston  fares  in  this  Day  of  Common 
Calamity  ;  I  could  do  no  less  than  gratifie 
you,  by  giving-  you  my  Tho'ts,  though  I 
know  the  Theam  will  be  as  unpleasant  to  you  to 
Read,  as  it  is  to  me  to^  Write.  Truly  Sir,  This 
which  was  within  these  Ten  years,  one  of  the  most 
Flourishing  Towns  in  America,  in  the  Ojoinion  of 
all  Strangers  who  came  among  us,  will  in  less  than 
half  so  many  more  years  be  the  most  miserable 
Town  therein. 

The  Medium  of  Exchange,  the  only  thing  which 
gives  life  to  Business,  Employs  the  Poor,  Feeds  the 
Hungry,  and  Cloaths  the  Naked,  is  so  Exhausted ; 
that  m  a  little  time  we  shall  not  have  Avherewith  to 
Buy  our  Daily  Bread,  much  less  to  pay  our  Debts 
or  Taxes.  How  happy  are  you  in  the  Countrey, 
who  have  your  Milk  and  Honey  of  your  own,  while 
we  depend  on  the  ready  Penny  from  day  to  day; 
and  there  are  so  few  Bills  Circulating  (for  Silver 
there  is  not  a  Penny  passing)  that  People  are  dis- 
tressed to  a  very  great  degree,  to  get  Bills  to  pro- 
cure the  Necessaries  of  Life  ;  and  that  not  the  Poor 
only,  but  good  substantial  House-keepers,  who  have 
good  real  Estates  in  the  Place,  such  as  we  call  the 
middling  sort,  who  it  must  be  acknowledged  bear 


'iH)C£^SJ^®^C£M): 


THE 


tCtitftea  ^u 


OF      THE         ■^^•" 

To-       of   B  O'S  T  O  ^,    i^d 
CONSIDERED. 

in  a  Letter  from  a  Gentleman  iii 
the  Town;  to  his  Friend  in  the 
Countrey. 


~ii'iston^  Printed    for  Nicholas  ^oW/at  the  Sigii 

■jf  the  Bible  in  Cornhill :  Bcnjitmin  (jra.y\di\i6.^ohrt 

Edwards^  at  their  Shops  in  King-^reet,     iri2o» 


MASSACHUSETTS  BAY  235 

the  greatest  part  of  the  Burthen ;  and  by  these 
Taxes  support,  both  the  Government,  Ministry,  and 
the  Poor. 

We  find  ah'eady  the  miserable  Eiffects  of  the  want 
of  a  Medium  in  these  Instances  ;  besides  a  Torrent 
of  other  mischiefs  breaking  in  upon  us,  viz 

The  vast  Number  of  Law  Suits  occasioned 
thereby,  the  Courts  are  open,  and  every  Term,  four 
or  five  hundred  Writs  (and  perhaps  more)  given  out 
against  good  honest  House-keepers,  who  are  as  will- 
mg  to  pay  their  Debts  as  their  Creditors  would  be, 
and  have  wherewith  to  Pay,  but  can't  Raise  Money, 
unless  they  will  Sell  their  Houses  at  half  Value, 
which  they  have  been  Working-  hard  for,  it  may  be 
these  Twenty  years,  and  so  [2]  turn  their  FamiHes 
into  the  Streets ;  and  this  because  they  are  obliged 
to  Work  for  half,  nay,  some  for  two  thirds  Goods, 
and  their  Creditors  will  take  nothing  but  Money  ; 
and  so  they  are  Squeezed  and  Oppress' d,  to  Main- 
tain a  few  Lawyers,  and  other  Officers  of  the  Courts, 
who  grow  Rich  on  the  Ruins  of  their  Neighbours, 
while  great  part  of  the  Town  can  hardly  get  Bread 
to  satisfie  Nature ;  Nay,  to  my  astonishment,  I  am 
informed,  that  there  a  thousand  Writs  made  out  to 
this  April  Court,  in  this  one  County,  which  is  a 
scandal  to  the  Land,  to  have  it  spoken.     And  then, 

I  am  perswaded  that  the  Charges  of  the  Courts  in 
this  County  is  Six  Thousf.md  Pounds  per  Annum  ; 
and  this  pays  no  Debt,  but  is  a  dead  Loss  to  People, 
and  brings  them  farther  in  Debt,  and  makes  them 
the  less  able  to  support  either  Church  or  State. 


236  CURRENCY   FOR  THE 

The  L:nv  wliich  was  made  about  Twenty  Months 
[  jce  to  shorten  Credit,  happens  to  be  very  ill 
timed  ;  and  could  the  Government  have  foreseen 
the  fatal  Consequences  which  daily  attend  it,  I  am 
perswaded  they  would  never  have  come  into  it, 
for  tho'  long  Credit  hath  hurt  us,  yet  this  Remedy 
is  worse  thenthe  disease.  For,  it  obliges  some  who 
are  naturally  inchned  to  be  favourable  to  their 
Neighbours,  to  be  severer  then  else  they  would  be ; 
and  others  who  are  of  a  more  Cruel  disposition,  are 
glad  of  such  an  oppurtunity  to  Oppress  them,  by 
turnmg  their  Book-Debts  into  Bonds,  and  Exacting 
Interest,  that  the  whole  Land  are  turned  Usurers, 
and  thus  Iniquity  is  Eventually  though  not  Design- 
edly Established  by  a  Law  ;  which  was  far  from  the 
thoughts  of  them  that  made  it,  for  if  the  People 
complain  of  the  hardship,  their  Creditors  plead  the 
Law  for  their  Justification.  Some  have  been  so  un- 
mercifid,  I  have  been  Informed,  that  they  have  de- 
manded their  Debtors,  to  anticipate  one  or  two  Years 
Interest  on  the  Condition  they  would  take  their 
own  Bond  without  other  Security,  such  a  piece  of 
Oppression  surely  was  never  Practiced  among  Turks 
or  Infidels,  and  this  done  by  Professors  to  the  scan- 
dal of  the  Christian  name,  forgetting  that  Precept 
left  them  by  their  compassionate  Saviour.  Be  ye 
lyierciful,  even  as  your  Heavenly  Father  is  merci- 
ful. I  am  glad  that  Act  is  Temporary :  &  tho'  it 
was  made  but  for  five  Years,  I  fear  many  People  will 
greatly  suffer  by  [3]  it,  for  besides  the  Mischiefs 
already  mentioned,  I  could  mention  many  others. 


IVIASSACHUSETTS  BAY  237 

I  confess  to  me  the  Law  seems  inconsistent  with 
Justice  and  Mercy,  if  I  have  a  right  notion  of 
either ;  it  is  to  suit  the  punishment  according  to  the 
degree  of  the  Crime  ;  and  the  Law  is  always  tender 
of  the  Criminal,  not  to  Exceed  in  the  Punishment. 
We  are  commanded  to  imt  on  Bowels  of  Compas- 
sio7i  toioard  our  Neiglibour,  and  while  I  do  so,  I 
fulfil  the  Law  of  Righteousness.  Will  any  then 
say,  I  am  guilty  of  a  Sin,  either  against  God  or  my 
Neighbour,  in  Extending  my  Compassion  and  For- 
bearance to  him  ?  One  would  think  my  own  Act  is 
a  sufficient  punishment,  by  losing  the  Improvement 
of  what  is  due  to  me  ;  but  to  make  me  lose  my  Debt 
for  not  complying  \sdth  that  Law,  is  to  punish  me 
for  that  which  is  no  Sin  ;  for  the  Word  of  God 
accounts  it  a  Yertue. 

I  beheve  by  this  Time  every  body's  Belly  is  full 
of  the  Publick  Bank  which  was  Projected,  and  they 
must  be  very  short  sighted  surely,  who  did  not  fore- 
see the  wretched  Consequences  which  would  attend 
it ;  There  will  be  more  than  Threescore  Thousand 
Pound  to  Pay,  and  nothing  to  pay  it  with ;  for  the 
Bills  come  in  for  the  Interest ;  how  then  shall  the 
Principal  be  paid  !  This  is  putting  men  on  impossi- 
bilities, and  in  a  worse  Condition  than  Israel  was  in 
Egypt ;  for  tho'  their  Tale  of  Brick  was  Exacted, 
without  supplying  them  with  Straw,  yet  it  only 
obhged  them  to  the  more  diligence  and  Industry  to 
gather  it  themselves. 

We  are  told,  we  must  expect  no  more  Bills,  and 
Silver  and  Gold  is  become  Merchandize,  and  Bought 


238  CURRENCY   FOR  THE 

up  for  the  Factors  as  fast  as  it  comes  in,  and  shipt 
home  to  their  Principals  ;  The  Governour,  Judges, 
Ministers,  Schoolmasters  and  other  Officers  must  be 
paid  their  Salaries,  and  I  wish  their  Salaries  were 
better  then  they  are,  if  I  could  see  how  posible  they 
should  be  paid,  but  I  see  plainly  by  and  by  it  will 
be  impossible.  The  Gentlemen  who  are  against 
Emitting  more  Bills,  think  we  have  Money  enough, 
and  that  there  are  Two  Hundred  Thousand  Pounds 
out  in  all  the  Provinces  ;  A  Wonderful  Cash  indeed 
to  manajje  the  Trade  of  the  four  Goverments  in 
which  are  more  then  Two  Hundred  Towns,  and 
that  [4]  going  into  the  Treasury  Daily,  that  in  a 
few  Years  they  will  be  all  sunk,  and  indeed  what 
Bills  are  passing,  are  mostly  of  the  other  Provinces, 
our  own  Bills  are  hoarded  up,  ^ith  what  Noble 
design  I  know  not,  but  it  gives  Room  to  suspect  the 
worst. 

It  is  the  023inion  of  many,  that  within  these 
Twenty  Years,  near  a  Million  of  Gold  or  Silver  hath 
been  exported  hence,  &  I  believe  they  are  not  much 
out  in  their  Computation,  yet  I  don't  Remember  in 
the  best  of  Times  I  ever  heard  any  complain  that  we 
abounded  with  Money,  &  now  we  are  near  double  in 
Number  and  our  Trade  greatly  Increased,  and  con- 
sequently it  calls  for  a  proportionable  Cash  to  man- 
age it,  yet  some  Men  think,  or  at  least  say  we  have 
Money  enough. 

When  People  Complain  and  say  there  must  be 
more  Bills  emitted  on  one  foot  or  other ;  The  cry  is 
No  ?    No  more  Bills,  Silver  wiU  never  come  in  while 


MASSACHUSETTS   BAY  239 

we  have  any  Bills,  when  they  are  all  in  we  shal 
have  Silver ;  but  I  observe,  the  Gentlemen  who  talk 
at  this  Rate  are  only  Usurers,  and  Men  who  Live 
on  their  Salaries,  Officers  of  the  Courts  and  Lawyers, 
who  never  Trade,  and  therefore  we  are  sure  no  Sil- 
ver nor  any  thing  else  will  come  in  through  their 
means ;  would  these  few  Gentlemen  (for  there  are 
not  many  of  them)  call  in  their  Bonds  and  enter  on 
Trade,  and  cast  their  Bread  upon  the  Waters  with 
their  Neighbours  to  employ  the  Poor,  what  fine 
Voyages  they  may  Project  to  bring  in  Gold  and 
Silver  I  know  not,  but  I  confess  it  is  past  my  shal- 
low capacity  to  Project  any  such,  I  beheve  Men 
never  Traded  with  greater  uncertainties  then  at  this 
Day,  no  Man  knows  where  to  make  an  Adventure 
to  see  a  new  Penny  for  an  old  one,  is  the  common 
Cry  of  the  best  Merchants  in  the  Place. 

It  is  not  sinking  the  Bills  of  Credit  will  bring  in 
Silver,  No  ?  I  rather  think  it  must  be  done  by 
going  on  Manufacturs,  and  so  lessening  our  Import, 
&that  must  not  be  the  work  of  a  Day  but  of  many 
Years  to  accomplish  it,  and  those  things  cannot  be 
gone  upon  to  any  degree  without  Money  or  Bills, 
were  there  more  Bills,  there  are  enough  would  go 
on  such  Projects,  Iron  would  soon  become  cheaper, 
and  Linnens  and  Woolens  of  our  own  make  would 
grow  more  in  use,  as  the  Spiners  and  [5]  Weavers 
improved  in  making  them,  but  there  is  no  setting 
up  such  Works  because  there  is  no  Money  to  Pay 
the  Labouier. 

That  which  hath  kept  this  Town  alive  the  last 


•J40  CURRENCY  FOR  THE 

Year  is  the  Number  of  Ships  which  have  been 
Built  iu  it,  which  Employs  great  part  of  the  Town, 
I  wish  those  who  Build  them,  may  find  their  Ac- 
compts  therein,  &  be  Encouraged  to  go  on,  it  will 
be  a  great  Mercy  to  us,  &  very  much  help  us,  but 
that  alone  will  not  do  ;  There  must  be  something  to 
Pass  from  Man  to  Man  by  w^ay  of  Exchange, ;  it  is 
Vanity  to  talk  that  such  a  Town  as  this  can  subsist 
without  Money  or  some  other  Medium  of  Exchange  ; 
You  may  as  soon  perswade  me  that  People  can  live 
without  Breathing,  as  without  something,  to  pur- 
chase their  daily  Food. 

Now  People  work  for  half,  &  some  for  two  thirds 
Goods,  and  so  have  a  little  Money  coming  in,  but 
what  will  they  do  when  it  comes  to  working  for  all 
Goods,  Is  it  possible  for  Men  to  Truck  for  a  Pound 
of  Butter,  a  Pound  of  Candles,  or  a  Loaf  of  Bread, 
or  many  other  things  a  Family  is  Daily  in  need  of. 
No  ?  it  is  impossible. 

If  we  consider  the  Poor,  we  are  promised  a  Bless- 
ing, and  as  it  is  most  certainly  the  duty  of  every 
Man,  according  to  his  capacity  to  consider  them,  in 
such  a  distressing  time  as  this;  when  good  Hon- 
est, Industrius,  Modest  People,  are  driven  to  such 
streights,  as  to  Sell  their  Pewter  and  Brass  out  of 
their  Houses,  which  is  scarce  worse  for  wearing, 
to  Brasiers,  at  the  price  of  Old  Pewter  and  Brass 
to  buy  them  food,  as  I  have  been  Informed  by  the 
Brasiers,  who  have  spoke  it  with  great  concern  to 
me.  Much  more  doth  Heaven  expect  it  from  the 
Government,  who  are  clothed  with  Power,  to  take 


IVIASSACHUSETTS  BAY  241 

care  they  are  not  Oppressed  or  distressed ;  &  in- 
deed I  am  sorry  to  see  the  Ministers  of  the  Town 
so  silent,  when  (if  ever)  it  behoves  them  to  improve 
all  their  Interest  in  the  Government,  that  something 
may  be  done  for  the  People  to  help  them  at  such  a 
time,  when  every  man  is  taking  his  Neighbour  by 
the  Throat ;  saying.  Pay  ine  lohat  thou  owest  ?  If 
they  will  bestir  themselves,  perhaps  it  might  work 
some  good  Effect. 

When  any  Gentlemen  propose  any  thing  to  Re- 
Heve  us,  as  several  have  done,  one  Scheme  or  other 
for  Emitting  Bills  on  Land  Security.  I  observe  the 
Gentlemen  who  explode  these  Projections,  never 
propose  any  other  [6]  which  makes  People  say, 
either  they  are  not  able  to  project  any  thing  better ; 
or  else  they  really  desire  nothing  may  be  done, 
that  so  they  may  advance  their  own  Estates,  and 
Families,  by  getting  their  Neighbours  Lands  at  half 
value ;  but  if  any  are  so  wicked,  I  am  perswaded 
God  will  send  his  Blast  on  Estates  so  gotten,  and 
the  Labour  of  such  People  will  perish  ;  but  I  would 
hope,  that  men  who  profess  the  Name  of  Christ, 
cannot  be  so  forgetful  of  that  Precept  he  hath  left 
us ;  To  do  hy  all  men,  as  ice  would  he  done  imto. 
Most  certainly.  If  men  oppose  making  more  Bills, 
or  hoard  up  them  already  made,  with  any  such 
design,  they  are  Breakers  of  the  Tenth  Command- 
ment in  the  utmost  latitude,  and  come  but  little 
short  of  Ahab's  Sin,  in  the  matter  of  Naboths  Vine- 
yard. 

In  all  Places  it  is  observed,  that  Great  Men  al- 


242  CURRENCY  FOR  THE 

wayes  have  their  Followers,  who  hang  on  their 
Skirts ;  and  some  who  have  no  thoughts  of  their 
own,  make  the  Rich  and  Powerful  theii-  Oracle  ;  and 
so  it  hath  been  among  us ;  but  these  pinching 
Times  I  find  cool  their  Courage,  and  make  them 
change  their  Note ;  and  indeed  it  is  time  for  them 
so  to  do,  for  they  feel  the  Difficulties  as  much  as 
their  Neighbours. 

His  Excellency  the  Governour  saith,  He  stands 
ready  to  come  into  any  thing  which  may  he  thought 
for  our  Relief,  and  hath  Called  on  the  Gentlemen 
of  his  Council,  to  Project  something ;  who  indeed 
are  more  immediately  Concerned  so  to  do,  as  being 
the  Eyes  of  the  People ;  but  these  Worthy  Gentle- 
men are  some  of  them  Men  out  of  Trade ;  some 
Country  Gentlemen,  who  Live  on  their  Farms,  and 
others,  men  of  plentiful  Fortunes,  who  do  not  feel 
the  Straits  of  the  Times,  and  therefore  cannot  sym- 
pathize so  feelingly  with  their  Neighbours.  They 
have  a  daily  Supply  of  Money  coming  in,  either  for 
Interest,  Salleries  or  Rents,  which  suffices  for  their 
Occasions  from  day  to  day  ;  and  tho*  their  Coffers 
are  not  so  full  as  at  some  Times,  yet  they  are  not  in 
want,  and  plagued  as  others  are ;  which  I  wish  his 
Excellency  would  consider,  and  not  be  perswaded 
by  a  few  Gentlemen,  That  Silver  will  come  in,  till 
this  once  flourishing  place  dwindle  away  to  nothing, 
to  the  great  dishonour  of  his  Excellency,  as  well  as 
irreparable  Loss  and  damage  ot  the  Crown. 

[7]  As  I  said  before,  our  Province  Bills  are 
hoarded   up   and  we  are   told  we   must   have   no 


MASSACHUSETTS  BAY  243 

more  Emitted ;  but  I  believe  the  Government  will 
find  it  absolutely  necessary  to  depart  from  that 
Resolution  ;  for  if  they  persist  in  it,  it  will  most 
certainly  perfect  our  Ruin  ;  for  as  I  have  already 
hinted,  it  is  not  Sinking  the  Bills  will  bring  in  Sil- 
ver; but  the  other  things  I  have  mentioned,  and 
others  which  might  be  projected,  to  lessen  our 
Import. 

Most  certainly  it  was  a  very  wrong  step  to  Crush 
the  Private  Bank,  and  set  up  this  Pulick  Bank  in 
its  place,  for  the  farther  we  go  on  in  this  way,  the 
worse  our  Case  will  be,  for  as  we  use  to  say.  Pay 
Day  will  come,  but  when  it  doth  come  there  will  be 
nothing  wherewith  to  Pay.  Whereas  the  Private 
Bank  would  have  still  been  the  same,  the  Intrest 
Money  would  have  circulated  in  Trade,  and  and  not 
have  been  diminished  ;  the  Stock  would  neither  have 
increased  nor  decreased,  but  remained  the  same  intire 
Sum  which  was  at  first  agreed  on,  without  any  Ad- 
dition or  Diminution  ;  and  I  wish  there  was  not  too 
much  of  an  Invidious  Spirit,  in  the  Opposition  that 
Projection  meet  with  from  some  Gentlemen  least  their 
Neighbours  should  reap  a  benefit  by  it  as  well  as 
themselves. 

I  am  of  Opinion,  that  if  the  Government  would 
come  into  it,  to  Encourage  such  a  Bank,  and 
strengthen  it  by  their  Authority,  and  make  suitable 
Laws  to  support  it,  that  it  is  the  only  Remedy  which 
can  be  proposed  to  extricate  us  out  of  our  Difficul- 
ties, it  would  not  be  attended  with  the  fatal  Conse- 
quences which  attended  the  Publick  Bank.     I  can 


244  CURRENCY  FOR  THE 

think  of  notliiiig  so  likely  to  give  us  a  quick  Relief 
by  setiug  the  Wheels  a  going ;  Man  is  an  Active 
Projecting  Creature,  and  every  Body  almost  would 
he  Improving  his  talent,  if  Money  were  stiring,  but 
the  wisest  Projections  must  lye  still,  if  there  be  not 
Money  to  go  on  with  them.  1  know  [8]  the  Rich 
will  oppose  this  ;  but  the  Richest  Men  are  not  always 
most  beneficial  to  the  Commonwealth,  Men  of  Pro- 
jecting Brains  do  most  good  to  their  Neighbours, 
for  tho'  they  often  hurt  themselves  by  their  Projects, 
yet  others  reap  the  benefit  of  them,  and  so  the  Pub- 
lick  is  not  hurt  but  helped  by  them,  and  I  per- 
sume  none  will  deny  but  that  this  Town  hath  been 
more  advantaged  by  some  Men  now  in  it  of  mean 
Estates,  then  ever  they  were  by  the  Richest  Men  in 
it.  If  any  should  deny  it,  I'U  ven-  to  affirm  and 
prove  it. 

But  if  the  Government  will  not  come  in  a  project 
of  a  Private  Bank,  I  can  think  of  nothing  better, 
then  to  go  on  some  great  &  Expensive  Work,  & 
Emit  Bills  to  carry  it  on,  as  Fortifyng  our  exposed 
Setlements,  that  would  Encourage  People  to  sit 
down,  &  till  the  Earth,  and  raise  Hemp  and  Flax, 
and  so  bring  down  the  Prices  of  Linen  and  Canvas, 
as  well  as  Provisions,  that  we  may  be  able  to  Export 
Provisions  as  in  former  times  to  the  Islands,  wheras 
we  are  now  beholding  to  our  Neighbours  to  supply 
us,  this  would  help  to  Ballance  our  Foreign  Trade, 
and  consequently  in  time  be  a  means  to  bring 
Silver  among  us. 


MASSACHUSETTS  BAY  245 

If  there  was  a  Bridge  Built  over  Charles  River, 
If  Fifty  Thousand  Pounds  were  expended  to  make 
it  durable,  and  so  a  moderate  Toll  laid  on  all  Carts, 
Coaches,  Horses,  &c.  this  would  help  us  by  imploy- 
ing  the  Poor,  and  the  circulation  of  the  Bills  would 
be  a  great  service  to  every  Body :  and  other  things 
of  this  nature  might  be  thought  on. 

I  hope  our  good  Friends  in  the  Country  will  con- 
sider our  miserable  circumstances,  &  send  such  Men 
to  Represent  them  next  May,  as  may  be  Spirited  [9] 
for  our  Relief,  not  Sheriffs  and  Lawyers,  who  are 
the  only  Men  who  are  benefited  by  the  straights  of 
their  Neighbours,  else  I  fear  Ruin  and  Destruction 
will  come  upon  us,  and  truly  it  behoves  you  in  the 
Country  to  consider  this  Town  for  your  own  sakes, 
shall  the  Head  say  to  the  Members,  we  have  no 
need  of  thee,  or  shall  thee  Members  say  to  the 
Head  in  like  manner,  as  in  the  Body  Natural ;  so 
it  is  also  with  the  Body  Politick  in  this  Respect, 
our  Interests  are  inseparable,  and  tho'  I  confess  you 
can  do  without  Money  better  then  we,  yet  our  want 
of  Money  to  Buy,  will  very  much  lower  the  Prices  of 
all  your  Produce,  and  your  Lands  will  soon  fall  in 
Esteem  and  Value  accordingly ;  and  this  the  Coast- 
ers Experience  already  this  Spring  :  they  are  obliged 
to  trust  out  their  Provisions,  and  some  to  Truck 
them  away  for  such  things  as  they  know  not  what  to 
do  with  by  reason  there  is  not  Money  to  Buy  with. 

And  now  least  I  should  for  this  plain  Dealing  be 
accounted  an  enemy  to  the  Governour  or  present 


246    CURRENCY  FOR  THE  MASSACHUSETTS  BAY 

Ministry.  To  justify  my  self  I  solemly  Declare  as 
in  the  presence  of  GOD,  who  knows  my  sincerity ; 
that  I  Esteem  &  Honour  the  Governour,  and  every 
Gentleman  of  his  Council,  with  whom  I  have  ac- 
quaintance, and  am  prejudiced  against  no  Man  ;  It 
is  the  good  &  Happiness  of  my  Country  that  lies 
upon  my  Spirits  and  hath  Influenced  me  hereunto. 
I  have  no  private  sinister  aim  in  pursuit  separate 
from  the  good  of  the  whole,  but  am  animated  only 
by  a  sense  of  the  distresses  of  the  Town  and  Coun- 
try, or  want  of  a  Medium  of  Exchange. 

It  is  a  dark  Day  upon  us,  I  pray  GOD  to  Guide 
and  Lead  his  Excellency  and  his  Council,  and  others 
concerned  in  the  Government,  into  some  Measures 
for  the  Relief  of  the  People,  that  when  ever  his  [JO] 
Excellency  is  called  from  us,  he  may  (as  I  am  per- 
swaded  is  his  desire)  leave  us  in  better  cicumstances 
then  he  found  us,  which  will  endear  his  Memory  to 
us,  when  he  is  gone  from  us. 


FINIS 


[This  pamphlet  was  by  John  Colman,  who  afterwards  became 
prominent  in  connection  with  the  Land-Bank  of  1740.  16mo, 
10  pp. 

The  copy  of  the  pamphlet  and  the  facsimile  of  the  title-page 
were  obtained  through  the  courtesy  of  the  Massachusetts  His- 
torical Society.] 


A  LETTER 

FROM 

One  in  the  Country  to  his  Friend 
in  Boston^  containing  some 
Remarks  upon  a  late  Pam- 
phlet, 

Entituled, 

The  Distressed  State  of  the  Town  of 
Boston,  &c. 


BOSTON:  Printed  by  J.  Franklin,  for 
D.  Henchman,  and  sold  at  his  Shop  over 
against  the  Brick  Meeting-House.     1720. 


248  CURRENCY  FOR  THE 


THE  Papers  and  Pamphlets  you  lately  sent 
me  were  a  very  acceptable  Present,  for 
which  I  return  you  hearty  thanks.  We 
that  live  more  than  half  a  hundred  Miles 
from  Boston,  are  apt  to  be  very  fond 
of  knowing  what's  a  doing  among  you  ;  tho'  some- 
times after  we  know  it,  we  find  too  much  reason  to 
lament  it.  So  it  hath  happened  in  part  to  me.  The 
pleasure  of  a  Letter  from  my  Friend,  and  of  learn- 
ing the  Remarkable  occurrences  of  the  Town  was 
considerably  dampt  by  the  concern  which  one  of 
the  Pamphlets  gave  me.  I  mean  that  Entitled,  The 
Distressed  State  of  the  Toimi  of  Boston.  Not  that 
my  Personal  Interest  is  any  more  affected  by  the 
Notions  in  the  Pamphlet,  than  that  of  almost  any 
ordinary  man  in  the  Province.  My  Interest  either 
doth  already,  or  will  very  quickly  (as  you  well  know) 
lye  chiefly  the  same  way  with  the  Interest  of  the 
Author  of  the  Pamphlet,  who  is  (I  suppose)  one  of 
them  that  cast  their  Bread  upon  the  Waters.  But 
my  trouble  proceeded  only  from  a  Sincere  Regard 
to  the  Publick  Welfare,  which  I  apprehend  the 
Gentleman  hath  utterly  mistaken,  &  even  the  true 
Interest  of  his  own  Town  too ;  &  yet  he  hath  set 


f  R  0  -^ 


One  Jin  the  Country  to  his  jj 

Frier r         BoBoHy  con-^  ^ 

t'^'--''        "^^ine   Remarks.  ■ 
Tu,;^  Pamphlet, 


The^  Difireffed  State  of  the  Toti^n  of 
Boll:c> 


noSTpN-  .  Print 

D.  Henchman,  ^ ,.  . '.    v,  <,  j,)..  .,iiup  o.  > 
pgainft  the  Brick  Mtciing-Houie.  i7:!c. 


iiVW'^iii 


// 


MASSACHUSETTS  BAY  249 

his  Mistakes  (as  I  take  'em  to  be)  in  so  plausible  a 
light,  as  will  be  very  likely  to  lead  many  others 
astray  with  him  ;  And  should  the  Government  and 
Country  fall  into  his  measures,  I  am  greatly  deceived 
if  we  should  ever  see  good  Days  again,  so  long  as 
such  measures  should  be  pursued.  Besides,  the 
Gentleman  hath  represented  things  in  such  a  smart 
and  mo\ang  manner  as  [2]  (I  fear)  w^ill  tend  much 
to  stir  &  irritate  men's  Passions  and  revive  those 
Heats  and  Animosities,  which  have  done  us  too 
much  mischief  already. 

However,  I  don't  imagine  he  did  this  with  any 
design  to  disturb  the  publick  Peace.  I  suppose 
these  things  lay  much  upon  his  Spirits ;  and  there- 
fore when  he  set  himself  to  writing,  his  heart  (unob- 
served by  him)  waxed  hot  within  him,  and  that  nat- 
urally and  almost  necessarily  enlivened  and  sharpened 
his  expression. 

As  to  your  desire  of  my  Thoughts  upon  the  sub- 
ject, the  place  which  I  live  in  is  so  remote,  that  I 
cannot  be  informed  of  the  certain  truth  of  sev- 
eral matters  of  Fact,  which  might  serve  much  to 
enlighten  and  direct  me  ;  but  yet  I  am  perswaded 
from  the  Reasons  of  things,  that  (as  I  said  before) 
the  Gentleman  is  utterly  mistaken  in  his  Notions 
of  the  true  Interest  of  his  Country.  However,  I 
am  liable  to  mistakes  as  well  as  he  ;  I  must  leave  it 
therefore  to  you,  and  with  any  to  whom  you  shall 
think  good  to  communicate  my  thoughts,  to  judge  of 
the  justness  of  them,  and  whether  my  Reasons  are 
sufficient  to  support  them. 


250  CURRENCY  FOR  THE 

In  setting'  down  my  thoughts,  I  shall  take  notice, 

1.  First,  Of  some  ill  Uses  "which  have  been  made 
of  our  Province  Bills,  and  some  unhappy  Conse- 
quences of  making  such  evil  uses  of  them.  And 

2.  Secondly,  I  shall  make  some  Remarks  upon 
the  most  observable  Passages  in  the  Pamphlet  it's 
self. 

1.  First  then,  concerning  the  ill  Uses  which  have 
been  made  of  our  Province  Bills,  and  the  unhappy 
Consequences  of  such  uses. 

When  the  Government  first  issued  out  our  Pro- 
vince Bills,  the  Trading  Part  of  the  Country  found 
themselves  furnished  with  a  New  Medium  of  Ex- 
change, which  would  answer  the  ends  of  Trade  well 
enough  among  our  selves :  Upon  this  they  quickly 
improved  the  Advantage  put  into  their  hands  to  im- 
port foreign  Commodities  in  far  greater  quantities 
than  the  produce  of  the  Country  would  make  Re- 
turns for  ;  and  therefore  they  soon  began  to  export 
the  Silver  Mony  passing  among  us  to  make  Returns 
with;  which  Silver  they  bought  up  with  the  [3] 
new  Medium  which  the  Government  had  put  into 
their  hands.  When  by  this  means  Silver  became  a 
little  scarce,  they  were  obliged  to  give  some  con- 
siderable advance  in  Province  Bills  to  piu-chase  it. 
And  this  advance  became  greater  still  and  greater 
in  proportion  as  Silver  grew  more  and  more  scarce. 
Besides,  which  I  think  some  have  remarked,  that  it 
received  an  observable  Increase,  upon  the  Postpon- 
ing the  Taxes,  and  the  Emissions  of  Loan  Mony  once 
and  again  ;  so  that  it  was  lately  at  the  rate  of  about 


MASSACHUSETTS  BAY  251 

Twelve  Shillings  an  Ounce,  and  I  suppose  it  con- 
tinues thereabouts  still. 

Now  Silver  having  for  this  Reason  been  reserved 
for  divers  Years  past  to  be  sold  for  Exportation,  by 
this  means  Paper  gradually  became  almost  the  only 
Medium  of  Exchange  among  our  selves :  The  very 
Counters  which  pass  among  us  for  Penies  had  like 
all  to  have  been  swept  away  :  Many  of  the  Traders 
sometime  after  the  Emission  of  the  Loan  Mony  (as 
I  remember)  buying  them  at  considerable  Advance 
in  Province  Bills  to  send  away,  tho'  they  pass  but 
for  lialf-penee  in  England-,  so  vile  were  the  P/'O- 
vince  Bills  in  the  Eyes  of  the  Men,  who  now  cry, 
they  shall  be  undone  if  they  have  not  more  of  them, 
that  they  ivould  lavish  them  away  at  the  rate  of 
Twelve  Shillings  for  an  Ounce  of  Silver,  and  give 
fourteen  Pence  (as  I  think  I  have  been  told)  some 
of  them  did  for  a  dozen  Counters,  which  they  kneio 
would  go  hut  for  halfipence  apiece  abroad  !  And 
I  desire  to  know  whether  the  very  Men  who  turn 
poor  Labourers  and  Tradesmen  off  with  one  half 
or  Two  Thirds  Goods,  can't  still  find  Province 
Bills  enough  to  p)ur chase  Silver  at  the  rate  of  about 
Ticelve  Shillings  an  Ounce,  whenever  they  hear  of 
any  to  be  sold  ?  But  this  only  by  the  By  at  present. 

JVow  as  the  Value  of  Paper  hath  gradually  sunk 
in  comparison  ivith  Silver,  so  the  Merchants  have 
advanced  upon  their  Goods  in  some  j^roportion, 
and  so  the  Price  of  the  Country's  produce  hath 
been  graducdly  rising  also ;  save  that  thro'  the 
abundant  Blessing  of  God  upon  the  Husbandry  of 


262  CURRENCY  FOR  THE 

the  Land  last  Year,  the  plenty  of  Provisions  hath 
lowered  the  Price  of  it  for  the  present;  but  had  it 
not  been  for  the  plenty,  the  price  of  it  would  have 
[4]  been  as  extravagant  and  the  sale  as  quick  as 
ever.some  thing  of  the  same  natui-e  may  be  said  of 
oiu-  Oyl,  which  partly  thro'  the  good  Success  of  our 
Whale-men  last  Winter,  but  more  especially  by  an 
Accident  (which  I  forbear  to  mention)  is  said  to  be 
falling  too.  But  as  for  other  things  which  have  not 
met  with  some  such  accidental  alteration,  as  far  as  I 
can  learn,  their  price  continues  as  high  as  ever. 

That  this  is  a  true  account  of  the  rising  of  all  Com- 
modities and  Necessaries  of  Life  to  the  extravasrant 

o 

price  they  have  been  at  for  some  Years  past,  is  evi- 
dent, because  any  man  might  all  along,  and  may 
still  with  Silver  Mony,  at  seventeen  i:)eny  weight, 
buy  almost  any  Commodity  or  Necessary,  at  i^retty 
near  the  same  rate  he  might  before  our  Province 
Bills  were  first  issued  out.  I  say  almost  any  Com- 
modity, i^c.  and  at  pretty  near  the  same  rate,  &c. 
because  I  am  sensible  that  in  some  things,  at  some 
times  there  hath  been  a  difPerence  (especially  those 
things  that  are  proper  to  be  exported  to  other  Coun- 
tries, as  Fish,  Oyl,  &c.)  for  which  there  is  another 
manifest  Reason  to  be  assigned,  and  that  is  this. 
That  the  Importation  of  foreign  Commodities  was 
for  some  Years  so  vast,  that  all  the  Silver  our  Mer- 
chants could  procure,  and  the  whole  Produce  of  the 
Country  besides,  were  not  sufficient  to  answer  for  it. 
This  obliged  our  Merchants  to  catch  greedily  at 
any  thing  that  woidd  serve  to  make  Returns  with, 


MASSACHUSETTS  BAY  253 

and  this  gave  the  Possessors  of  such  things  an 
advantage  to  raise  the  j^^ice  of  them,  even  above 
the  difference  which  there  was  between  Pa2:)er  and 
Silver. 

Thus  the  Trading  part  of  the  Country  making  an 
ill  use  of  the  advantage  which  the  Emission  of  Pro- 
vince Bills  gave  them,  by  importing  a  vast  quantity 
of  needless  foreign  Commodities,  have  in  the  first 
place  found  themselves  necessitated  to  buy  up,  and 
send  off  all  our  Silver  and  Gold  to  the  perplexing 
and  almost  ruining  the  whole  Country  :  and  secondly 
because  These  and  the  whole  Produce  of  the  Coun- 
try together  were  not  enough  to  make  Returns  with, 
therefore  they  have  catch'd  eagerly  at  every  thing 
fit  to  be  exported,  and  by  doing  so  have  rais'd  the 
price  of  such  things  :  And  this  they  have  [5]  done 
to  their  own  Confusion,  for  now  the  price  of  such 
things  is  so  high  that  there  is  hardly  any  thing  fit  to 
be  exported,  that  will  turn  to  any  account  in  other 
Countries ;  And  so  no  man  knows  where  to  make 
an  Adventure,  to  see  a  neio  ijeny  for  an  old  one  : 
Not  because  there  is  not  mony  enough  still  to  pur- 
chase all  the  produce  of  the  Country  fit  for  Expor- 
tation (for  if  there  were  not,  and  so  these  things  lay 
upon  the  Producer's  hands,  I  am  sure  they  would 
soon  be  cheap  enough)  but  because  we  value  our 
Paper  mony  so  little,  and  prize  our  Country's  pro- 
duce so  high,  that  every  thing  costs  more  pence  here 
among  our  selves,  than  it  will  fetch  again  abroad  in 
Foreign  Countries.  Now  whether  Emitting  more 
Bills  be  the  way  to  encrease  our  Value  for  them,  or 


254  CURRENCY  FOR  THE 

to  lower  the  price  of  our  Country's  Produce,  I  leave 
the  World  to  Judge. 

But  this  Mischief  of  sen  din  2:  off  our  Silver  and 
Gold,  and  raising  the  Country's  produce  to  such  an 
extravagant  price,  is  not  all,  for  before  the  Law  for 
shortning  Credit,  the  Gentlemen  concerned  in  Trade 
(to  clear  their  Warehouses  and  Shops  of  Goods  the 
faster  and  make  room  for  a  new  Store,  and  Enliven 
Trade)  were  very  fond  of  Trusting  out  great  quan- 
tities of  Goods,  with  almost  any  Body  that  woidd 
take  them,  And  I  doubt  the  same  humour  prevails 
two  much  still.  Now  we  simple  Country  People 
being  mightily  pleas'd  with  fine  things  far  f etcht  and 
dear  bought  (so  long  as  we  could  have  goods  with- 
out paying  ready  mony  for  them)  made  no  scruple, 
many  of  us,  to  take  up  much  more  upon  trust  than 
"we  earnt  mony  to  pay  for,  hoping  that  a  plentiful 
Crop  of  Corn  or  some  other  Smile  of  Providence 
would  enable  us  to  pay  for  all,  one  time  or  other. 
And  since,  when  we  have  been  dunn'd  and  worried 
by  our  Creditors,  we  have  cry'd  out  for  more  mony 
too.  Whereas  the  truth  of  the  Case  is,  if  there  had 
been  a  Million  of  Province  Bills  Emitted,  we  could 
not  have  paid  our  Debts,  unless  Mony  had  been 
given  us,  or  w^e  had  sold  or  Mortgaged  our  Lands  to 
procure  it,  for  we  have  had  nothing  to  spare,  which 
was  worth  mony,  but  what  we  have  had  and  may  still 
have  mony  for  (unless  it  be  Provision  just  at  this 
time  [6]  by  reason  of  the  present  plenty  of  it)  but  all 
we  could  produce  hath  not  been  near  enough  to  dis- 
charge the  vast  Debts  we  had  foolishly  contracted. 


MASSACHUSETTS  BAY  255 

And  now  what  shall  be  done  in  such  unhappy 
Ch'cumstances  ?  Why,  say  the  Traders,  Do  hut  two 
things  and  the  Wheels  will  all  he  set  a  moving 
again,  and  every  Body  almost  will  have  an  opi^or- 
tunity  to  improve  his  Talent. 

1.  First,  Let  the  Act  for  Limitation  of  Credit 
be  repealed.  If  this  be  done,  Country  People  will 
throng  our  Warehouses  and  Shops  again,  and  take 
as  much  on  trust  as  ever.  And  then, 

2.  Secondly,  Let  a  private  Bank  be  established. 
This  all  honest  well-meaning  People  will  go  and 
Mortgage  their  Estates  to,  for  mony  to  pay  us  for  the 
Goods  we  have  trusted  them  with ;  We  shall  most 
of  us  be  Bankers  our  selves,  and  by  that  means 
(first)  we  shall  have  mens  Estates  mortgaged  to  us. 
And  then  (in  the  next  place)  we  our  selves  shall  get 
the  very  mony  again  immediately  for  which  those 
Estates  were  mortgaged.  When  we  have  gotten 
such  a  fine  sum  of  mony,  we  shall  snatch  at  every- 
thing fit  for  Exportation  more  briskly  than  ever. 
This  will  raise  the  price  of  such  things  higher  than 
it  hath  been  yet,  and  then  it  will  turn  to  but  little 
Account  to  send  them  elsewhere ;  and  so  we  shall 
complain  again,  that  no  man  knows  where  to  make 
an  Adventure  to  see  a  new  peny  for  an  old  one : 
Unless  (perhaps)  those  of  us  that  are  Bankers, 
should  have  our  Mouths  partly  stopt  with  forfeited 
Mortgages,  and  the  rest  of  us  should  take  better 
Care  than  we  used  to  do,  to  trust  none  but  such  as 
have  good  real  Estates,  which  will  pay  for  all  at 
last. 


256  CURRENCY   FOR  THE 

I  would  not  be  understood  to  think,  that  the  Au- 
thor of  the  Distressed  State,  &c.  and  other  Gentle- 
men in  Trade,  who  \nsh.  to  have  the  Limitation  Act 
repealed  and  a  private  Bank  established,  do  really 
say,  or  so  much  as  think  within  themselves,  that  all 
the  above  mentioned  pernicious  consequences  would 
follow  thereupon.  Far  be  it  from  me  to  imagine  so 
vile  a  thing  of  them.  My  opinion  is,  that  they  are 
sensible  that  such  a  Repeal  and  such  an  EstabUshment 
would  give  them  some  pre-[7]sent  Relief,  and  that 
they  have  never  look'd  thoroughly  into  the  Train  of 
wretched  Consequences  which  will  ensue. 

I  have  therefore  mentioned  these  things  only 
as  Consequences  which  I  apprehend  will  unavoidably 
follow  from  the  natural  operation  of  things,  upon 
the  Repeal  of  that  Act,  and  the  setting  up  of  a 
private  Bank,  whether  Men  are  sensible  of  it  now 
or  not.  But  I  believe  the  Consequences  will  appear 
genuine  to  every  disinterested  Person  (as  soon  as 
ever  they  are  suggested  to  him)  without  any  Argu- 
ment to  demonstrate  them  to  be  so. 

2.  I  proceed  now  in  the  second  place,  to  make 
some  Remarks  upon  the  most  observable  Passages  of 
the  PamjDhlet  it's  self.  In  doing  which  I  shall  have 
frequent  recourse  to  the  Truths  already  advanced. 

Boston,  which  was  within  these  ten  Years  one  of 
the  most  flourishing  Towns  in  America,  will  within 
half  so  many  more  years  he  the  most  m,iserable 
Town,  &c.  page  1.  The  flourishing  of  Boston  de- 
pends upon  the  flourishing  of  its  Trade.  The  Dis- 
tressed State  of  the  Trade  of  Boston,  is  not  owing 


MASSACHUSETTS  BAY  257 

to  the  want  of  Province  Bills  wherewith  to  purchase 
the  produce  of  the  Country  to  be  exported  on  Ad- 
ventures. All  the  produce  of  the  Country  is  now 
bought  up,  and  most  of  it  at  an  extravagant  price 
too  ;  and  all  the  Silver  and  Gold  besides  ;  as  fast  as 
it  comes  in,  by  our  Authors  own  Acknowledgment, 
p.  3.  The  Difficulty  is  owing  therefore  to  the  high 
price  of  the  Country's  produce,  that  it  won't  turn  to 
account  to  send  it  elsewhere.  And  this  is  a  mis- 
chief the  Merchants  have  brought  upon  themselves 
by  the  means  abovementioned  ;  and  tlie  emitting 
more  Bills  of  Credit  will  rather  encrease  than  lessen 
the  evil,  because  it  will  occasion  the  Value  of  the 
Bills  sinking  yet  lower,  and  the  produce  of  the 
Country  rising  higher  in  proportion. 

But  if  there  were  nothing  of  all  this,  yet  I  should 
not  wonder  that  the  Trade  of  Boston  fails  now 
considerably  ;  and  I  beHeve  it  will  continue  to  do 
so  (at  least  for  a  time)  more  and  more.  For  this  I 
think  I  can  give  two  good  reasons. 

[8]  1.  First,  Several  other  Towns  in  this  and 
the  neighbouring  Provinces,  which  during  the  late 
French  War,  depended  chiefly  upon  Supplies  from 
Boston,  and  traded  themselves  but  little,  and  some 
not  at  all  to  foreign  Parts,  are  now  getting  more 
and  more  into  a  foreign  Trade,  to  the  supplying  in 
good  measure  not  of  themselves  only,  but  of  the 
adjacent  Country  also. 

2.  Secondly,  The  extravagant  Price  foreign  Com- 
modities have  been  at  for  some  years  past,  hath  put 
Country  People  lately  upon  making  more  for  them- 


258  CURRENCY  FOR  THE 

selves  and  buying  less  from  abroad.  And  this  I 
hope  they  ^vill  continue  to  do  still  more  &  more  ;  for 
which  reason  I  could  almost  wdsh,  that  the  price  of 
foreign  Goods  might  yet  continue  as  high  as  ever. 

The  3Iedium  of  Exchange  is  so  exhausted^  that 
in  a  little  time  we  shall  not  have  loherewitli  to  hiiy 
our  daily  Bread,  p.  1.  Actions  speak  louder  than 
Words,  and  with  more  truth  and  certainty.  It  is  a 
certain  Truth,  that  the  greater  want  men  feel  of 
anything,  the  more  they  value  it,  and  the  more  loath 
they  are  to  part  with  it.  Therefore  I  beg  you.  Sir, 
to  inform  me  whether  your  Merchants  can  still  find 
Province  Bills  to  lavish  away  at  the  rate  of  Twelve 
Shillings  an  Ounce  for  Silver,  whenever  they  can 
hear  of  any  to  be  sold.  If  this  be  the  Case  (as  I 
doubt  it  is,  for  our  Author  himself  confesses,  79.  3. 
that  Silver  and  Gold  is  bought  up  yet,  as  fast  as 
it  comes  in)  then  'tis  certain,  the  Merchants  have 
Medium  enough  to  carry  on  the  same  Trade  still, 
which  hath  hurt  the  Country  and  themselves  too  all 
along,  by  exporting  not  only  all  the  produce  of  the 
Country  bought  at  an  extravagant  Price,  but  also  all 
the  Silver  and  Gold  they  can  get  besides,  in  order 
to  bring  in  a  needless  excessive  quantity  of  foreign 
Commodities,  or  to  pay  for  them  which  are  already 
brought  in.  And  whilst  this  Trade  is  driven,  'tis 
vain  to  look  for  better  Times.  For  while  more  is 
imported  from  other  Countries  and  consumed  among 
us,  than  our  own  produce  alone  can  ballance,  we 
must  continue  growing  poorer  daily.  And  while 
there  are  so  many  Province  Bills  standing  out,  as 


MASSACHUSETTS  BAY  259 

that  Merchants  can  find  their  Interest  [9]  in  buy- 
ing Silver  with  them,  most  things  will  unavoidably 
continue  dear,  in  proportion  to  the  difference  the 
Merchants  make  between  Paper  and  Silver. 

And  indeed  if  Province  Bills  were  become  so 
scarce,  that  the  Merchants  cou'd  not  catch  at  the 
produce  of  the  Country  so  eagerly  as  to  hold  up 
the  Extravagant  Price  of  it,  and  so  had  no  occa- 
sion, nor  indeed  possibility  of  sparing  them  to  buy 
Silver,  I  don't  see  that  any  body  would  be  put  to 
much  greater  difficulties  than  they  are  now.  For  if 
it  were  once  come  to  this,  that  the  Merchants  cou'd 
not  find  their  interest  in  exchanging  Province  Bills 
at  any  advance  for  Silver,  then  our  Province  Bills 
would  be  equally  prized,  and  would  purchase  as  much 
as  Silver  at  seventeen  peny  weight,  as  indeed  they 
ought ;  And  so  the  price  of  all  things  would  fall  in 
proportion. 

Now  if  by  lowering  of  the  price  of  other  things, 
Twenty  ShilHngs  will  purchase  me  as  much  a  while 
hence  as  Forty  will  now,  then  when  such  time 
comes,  I  shall  be  able  to  shift  as  well  with  Twenty, 
as  I  can  now  with  Forty.  So  that  the  growing 
Scarcity  of  our  Province  Bills,  seems  to  be  the  only 
means  to  raise  the  Value  of  them,  &  to  lessen  the 
price  of  the  Country's  produce.  And  when  once 
our  Bills  are  valued  as  high  as  Silver,  then  the  Sil- 
ver and  Gold,  which  our  Author  himself  acknow- 
ledges comes  in,  will  be  sure  to  stay  among  us ;  and 
not  before.  Then  also  the  cheapness  of  things  fit 
to  be  exported,  would  soon  teach  our  Merchants 


200  CURRENCY   FOR  THE 

where  to  make  Adventures  to  see  sometliino:  more 
than  a  new  peny  for  an  old  one. 

JVext  comes  a  complaint  of  the  vast  number  of 
Lawsuits,  of  Writs  out  against  honest  IJousekeejjerSf 
icho  can^t  raise  mony  to  pay  their  Debts,  unless 
they  will  sell  their  Houses  at  half  value.  And  this 
because  they  are  obVufd  to  loork  for  half  or  two 
thirds  Goods.  With  us  in  the  Country  Estates 
are  near  as  high  in  Value  as  ever.  No  man  hath 
Houses  or  Lands  to  sell,  but  what  may  have  Mony 
for  them  if  he  be  reasonable  in  his  Demands.  If 
Estates  are  sunk  near  half  the  value  in  Boston,  I  de- 
sire to  be  informed,  whether  Numbers  of  Tradesmen 
and  Laboiu'-[IO]ers  have  not  removed  thence  into 
the  country  within  these  few  Years?  And  whether 
by  this  means  Tenements  and  Houses  have  not  been 
emptied  of  their  Inhabitants  ?  If  this  be  the  case, 
'tis  no  wonder  their  price  is  fallen  ;  for  who  that 
hath  a  House  to  live  in  himself,  would  buy  one  (for 
ought  he  knows)  to  stand  empty  ?  Or  who  that  has 
no  House  of  his  own,  would  give  a  great  price  for 
one,  when  enough  others  stand  empty  ready  to  re- 
ceive him  for  an  easy  Rent  ? 

I  desire  also  to  be  informed  what  it  was  that  drove 
these  Labourers  and  Tradesmen  out  of  Boston  ? 
Whether  it  was  not  being;  turn'd  off  with  half 
Goods,  by  them  that  sav'd  their  BiUs  to  buy  Silver, 
that  they  might  send  for  more  Goods,  and  so  pay 
their  Labourers  again  after  the  same  manner  ?  If 
this  be  so,  the  case  of  your  Labourers  is  much  to  be 
pitied,  and  they  would  consult  their  own  Interest  if 


MASSACHUSETTS  BAY  261 

more  of  them  would  remove  into  the  Country.  We 
want  their  Labour,  and  should  be  glad  to  give  them 
their  Wages.  We  can't  make  the  improvement  of 
oui-  Lands  which  we  desire,  for  want  of  Labourers : 
Labourers  think  us  obliged  to  them,  if  they  will 
work  for  us  at  almost  any  rate. 

The  Law  which  ivas  made  about  Twenty  Months 
since  to  shorten  Credit,  hajjpened  to  he  very  ill 
timed  &c.  I  also  am  of  the  same  Opinion  but  for 
a  very  different  reason ;  And  I  will  add,  not  so  effec- 
tual as  were  to  be  wished  neither,  I  think  not  so 
effectual,  because  so  long  a  time  as  two  Years  was 
allow' d  for  trusting ;  and  so  people  have  not  been 
sufficiently  discouraged  from  running  needlessly 
into  Debt.  Whereas  had  the  time  been  limited  to 
but  a  quarter  or  half  a  Year,  far  the  greatest  part 
of  the  Debts,  which  our  Author  complains  men 
are  now  arrested  for,  had  never  been  conti'acted. 
And  I  think  it  was  ill  timed,  because  it  was  not 
made  many  Years  ago :  If  it  had,  and  had  been 
made  so  strict  as  to  have  utterly  prevented  trusting- 
one  another  in  Trade,  I  am  sure  the  Silver  and 
Gold  could  never  have  been  swept  away,  nor  any 
of  the  Calamities  we  are  now  groanmg  under  been 
brought  upon  us.  For  it  is  easie  to  see,  that  if  we 
had  never  trusted  one  another,  the  worst  Husbands 
\_\V\  of  us  all  could  not  have  spent  more  than  we 
earnt ;  for  when  we  must  pay  ready  Mony  for 
every  thing  we  buy,  we  can't  buy  more  than  we 
earn  Mony  to  pay  for ;  unless  we  borrow  Mony 
at  Interest  to  support  our  Extravagance  j  a  thing 


2G2  CURRENCY  FOR  THE 

which  but  few  would  have  been  so  fooUsh  as  to 
have  done.  Indeed  when  Debts  are  ah-eady  con- 
tracted. Do  but  set  up  a  Bank  to  borrow^  of,  and  we 
have  found  from  sad  experience  ah-eady,  that  men 
will  be  ready  enough  to  mortgage  their  Estates  for 
mony  to  pay  their  Debts.  But  (I  say  again)  where 
Debts  w^ere  not  before  contracted,  few  men  would 
have  been  so  foolish,  as  to  borrow  Mony  at  Interest 
to  provide  needless  Fineries  and  Gew-Gaws  for  their 
Families.  The  Folly  of  so  few  could  not  have 
affected  the  Country.  Now  as  none  of  us  could 
have  spent  more  than  we  earnt,  had  we  not  trusted 
one  another,  so  doubtless  many  people  in  the  Coun- 
try wou'd  have  been  so  prudent  as  not  to  spend  so 
much.  And  had  some  earnt  more  than  they  spent, 
and  none  been  in  a  capacity  to  spend  more  than 
they  earnt,  I  am  sure  the  Country  in  general  must 
have  been  on  the  thriving  hand  :  It  could  not  have 
consumed  so  much  in  foreign  Commodities,  as  it 
would  have  raised  of  it's  own  Produce.  The  Ex- 
portation therefore  would  have  been  greater  than 
the  Importation  of  foreign  Commodities ;  and  so 
Silver  and  Gold,  instead  of  being  exported  at  the 
rate  it  hath  been,  would  have  been  continually  com- 
ing in  to  make  the  Ballance. 

And  as,  if  we  had  never  fallen  into  the  way  of 
Trusting,  we  should  never  have  come  into  the  Diffi- 
culties we  now  labour  under,  so,  if  we  cou'd  all 
agree  to  leave  it  quite  off,  it  would  immediately  be- 
gin to  turn  the  Scales  in  our  Favour :  For  when  no 
man  can  consume  more  than  the  yearly  product  of 


MASSACHUSETTS   BAY  263 

his  Husbandry,  Manufacture,  Fishery,  &e.  will  fur- 
nish him  with  mony  to  pay  for,  if  at  the  same  time 
there  be  a  number  of  People  who  wont  spend  all 
their  yearly  produce  for  foreign  Commodities;  then 
it  is  plain,  that  the  yearly  Produce  of  the  Country 
must  be  more  than  the  Consumption  oe  it ;  and  if 
the  yearly  produce  of  the  Country  be  morf  [J2] 
than  it's  Consumption,  then  there  will  be  yearly  a 
Surplusage  of  the  Produce  of  the  Country  to  be 
exported.  For  this  overplus  (part  of  our  Export)  it 
will  be  to  no  purjDose  to  bring  in  foreign  Commodi- 
ties, because  the  Country  will  not  consume  such  a 
quantity  :  Therefore  our  Merchants  must  have  their 
Returns  for  this  Surplusage  of  our  Produce  in  Gold 
or  Silver,  Immediately,  unless  they  have  Debts  to 
pay  first  in  foreign  countries.  All  this  (I  think)  is 
as  plain  and  certain  as  a  Mathematical  Demonstra- 
tion, and  I  challenge  any  man  to  confute  it.  I 
don't  therefore  see  need  of  any  other  Project.  Do 
but  wholly  leave  off  trusting,  this  alone  will  do  the 
Business,  and  make  all  things  begin  to  go  well 
quickly.  If  you  object.  That  it  is  impracticable  to 
contrive  a  Law  so  as  to  put  an  utter  end  to  Trust- 
ing ;  I  am  perswaded  that  is  a  Mistake.  I  think 
if  I  had  time  to  enter  upon  the  Argument,  I  could 
easily  tell  how  an  effectual  Stop  might  be  put  to 
trusting  by  a  Law,  in  such  a  natural  and  necessary 
way,  as  that  hardly  any  body  would  ever  come  to 
suffer  the  Penalty  of  it ;  and  then  certainly,  no 
body  hath  any  reason  to  fear  it. 

Upon  the  whole,  it  is  the  duty  of  Civil  Rulers  to 


264  CURRENCY  FOR  THE 

consult  the  Welfare  of  the  Publick.  Our  Lecisla- 
tors  saw  the  Door,  at  which  all  oiu-  Calamities  have 
broke  in  upon  us,  standing  wide  open  :  They  have 
pusht  it  partly  to  ;  and  so  have  in  some  measure 
checkt  the  madness  of  the  People,  who  without  Fear 
or  Wit  were  running  into  Debt,  to  their  own  Ruin, 
and  the  Ruin  of  them  that  trusted  them,  and  of  the 
whole  Country.  And  now  whether  what  our  Legis- 
lators did,  was  inconsistent  with  Justice  and  Mercy, 
let  the  World  judge.  I  am  only  sorry  that  the  Door 
was  not  close  shut  and  barr'd.  If  it  had  been  so, 
we  shou'd  have  felt  the  comfortable  effects  of  it  be- 
fore now.  There  would  have  been  no  opportunity 
for  the  Oppression  complained  of  p.  2.  And  the 
Mercy  of  the  Government  in  hindering  inconsid- 
erate People  from  doing  themselves  harm,  would 
have  prevented  the  need  of  Private  Persons  extend- 
ing their  compassion  and  forbearance  to  them  whom 
they  had  dealt  much  more  kindly  w4th,  if  they  had 
refused  to  trust  them. 

[J 3]  I  shall  add  one  thing  more,  with  reference 
to  the  Limitation  of  Credit,  which  I  dont  remember 
that  any  of  the  Writers  about  our  present  difficulties 
have  taken  any  notice  of.  Nothing  is  more  certain, 
than  that  a  Trade  may  be  gainful  (at  least  for  a 
time)  to  Merchants,  which  yet  may  prove  ruinous  to 
their  Country.  It  is  said  the  Trade  with  France 
would  ruin  England  by  draining  it  of  its  Mony,  if 
the  dangerous  Importations  from  France  were  not 
discouraged  by  excessive  Duties  in  England.  Eng- 
land, being  a  Sovereign  State,  may  secure  it's  self  in 


MASSACHUSETTS   BAY  265 

that  way  ;  but  we  who  are  a  poor  dependent  Pro- 
vince, may  not  discourage  some  Importations  which 
we  may  think  injurious  to  us,  by  incumbering  them 
with  heavy  Duties.  The  only  way  we  have  to  secure 
our  selves,  is  to  put  an  end  to  Trusting,  or  to  allow 
but  a  very  short  time  for  it.  For  if  People  may 
not  only  law  out  all  the  Mony  they  earn  for  for- 
eign Goods,  but  may  also  run  as  much  mto  Debt 
as  they  please  besides  ;  and  if  they  are  gotten  very 
much  into  the  way  of  doing  so,  then  it  is  very  likely 
that  as  the  Merchants  have  already  carried  off  all 
our  Silver,  so  they  will  m  a  short  time  make  them- 
selves Masters  of  most  or  our  Lands  also  for  Book 
Debts.  Since  we  have  lost  our  Silver,  it  concerns 
us  to  look  well  to  our  Lands. 

/  believe  by  this  time  every  Body's  Belly  is  full 
of  the  Publick  Bank,  &c.  I  wish  it  were  so  ;  but 
I  fear  this  is  not  the  case.  I  know  no  crood  that  it 
hath  done :  But  if  I  am  not  mistaken,  it  hath  pro- 
long'd  our  Miseries,  divided  the  Country  into  Par- 
ties, and  given  many  menan  Opportunity  to  involve 
themselves  worse  than  they  were  before. 

Many  of  the  Borrowers  of  the  Loan  Mony,  and 
of  such  as  have  a  mind  to  borrow,  are  become  so 
vain  as  to  fancy,  that  tliat  Mony  will  at  last  be  paid 
by  the  Province,  or  else  that  it  will  never  be  paid  at 
all.  And  truly  I  can't  tell  what  might  be  done  of 
that  nature,  if  Borrowers  should  generally  have  the 
doing  of  it.  However,  I  hope  I  shall  make  it  evi- 
dent, that  it  is  every  Man's  Interest,  who  is  not  a 
Borrower  to  consent  to  neither  of  these  Things. 


2G6  CURRENCY   FOR  THE 

For  the  First,  I  am  siu-e  it  is  not  just  that  my 
Estate  should  be  taxed  to  help  pay  a  Debt  which 
my  Neigh-[i4]bour  voluntarily,  and  it  may  be  need- 
lessly run  himself  into. 

As  for  the  Second,  the  not  paying-  these  Bills  in 
at  all,  This  every  Man  that  hath  any  of  them  in  his 
possession  is  concerned  to  look  to,  whether  he  knows 
it  or  not.  And  for  this  reason  ;  It  is  not  the  Gov- 
ernments saying,  This  indented  Bill  of  so  much,  shall 
be  in  value  equal  to  Mony,  and  so  turning  it  into 
the  world,  which  really  gives  it  it's  value  (as  some 
perhaps  fondly  imagine)  but  because  we  know  that 
we  must  all  pay  Taxes,  and  these  Bills  will  enable 
us  to  pay  these  Taxes  as  well  or  better  than  any 
thing  else ;  therefore  it  is  that  we  value  the  Bills 
yearly  emitted,  for  defraying  the  Charges  of  the 
Government,  and  if  these  Taxes  had  never  been 
postponed,  the  demand  the  Bills  would  have  been  in 
for  paying  Taxes,  would  have  made  us  esteem  them 
at  an  hio-her  rate  than  we  do  now. 

Again,  because  we  know  that  there  are  good  real 
Estates  laid  in  Pawn  for  all  the  Bills  emitted  by  way 
of  Loan,  and  because  we  know  that  within  a  certain 
Term  of  Years,  if  we  have  any  of  these  Bills  in  our 
hands,  the  borrowers  must  certainly  buy  them  of 
us  at  their  full  value  to  redeem  their  Mortgages : 
Therefore  it  is  that  we  accept  the  Loan  Bills,  and 
esteem  them  as  Mony.  Now  if  this  be  the  truth 
of  the  Case,  then,  if  ever  it  should  be  enacted  that 
these  Bills  should  never  be  call'd  in,  they  would  at 
once  lose  all  their  value,  and  be  worth  no  more  to 


MASSACHUSETTS  BAY  267 

them  that  have  them  in  their  keeping,  than  so  many 
bits  of  Blank  Paper. 

Or  if  the  calling  in  of  these  Bills  should  be  de- 
ferred beyond  the  set  time,  it  will  make  men  doubt 
whether  they  will  ever  be  call'd  in  or  not,  and  so 
their  value  will  sink  in  proportion  to  the  Jealousie 
men  have  about  it,  which  w411  Hkewise  be  to  the 
Loss  of  the  Possessors  of  them  ;  so  that  it  is  plainly 
the  Interest  of  every  man  in  the  Province  that  is 
not  a  Borrower,  and  hath  any  of  these  Bills  in  his 
keeping,  that  they  should  be  called  in  precisely  at 
the  time  appointed,  to  redeem  the  Estates  that  are 
laid  in  Pawn  for  them.  For  nothing  else  but  this, 
when  the  time  is  once  expired,  can  make  [15]  them 
as  good  as  Mony  to  those  in  whose  hands  they  shall 
be  at  that  time. 

There  loill  he  more  than  Threescore  Thousand 
Pounds  to  'pay,  and  nothing  to  pay  it  with  ;  for 
the  Bills  come  in  for  the  Interest:  How  then  shall 
the  Princi2Kd  he  Paid  f  This  is  p)utting  men  on 
impossihilities. 

This  is  all  a  great  mistake  ;  and  yet  it  is  a  mistake 
almost  every  Man  I  meet  with  has  fallen  into,  and 
is  concerned  about.  If  any  man  wou'd  clear  up  the 
difficulty,  and  publish  it  to  the  World,  it  would  tend 
much  to  quiet  the  Minds  of  the  People,  and  so  do 
good  Service.  However,  I  cannot  but  wonder  a 
little  that  those  Gentlemen  who  are  not  able  to  solve 
the  difficulty  themselves,  shou'd  imagine  the  General 
Assembly  cou'd  all  be  so  much  in  the  dark  as  not 
to  see  so  very  obvious  and  Objection  as  this,  and  pro- 


2G8  CURRENCY  FOR  THE 

vide  ao'ainst  it.  Sir,  I  have  neither  Law-book  nor 
Votes  of  the  House  by  me,  and  therefore  I  fear  I 
shall  not  be  able  to  solve  the  Difficulty  so  clearly  as 
otherwise  I  cou'd.  However,  I  remember  that  the  Act 
for  emitting  the  100000  /  Loan,  expressly  provides. 
That  the  Profits  (that  is  the  Interest)  be  ap2)lyed 
for  &  towards  the  support  of  the  Government,  as 
the  General  Court  shall  from  time  to  time  direct. 
Now  the  Interest  of  the  Loan  Mony  is  but  5000  I 
a  Year,  whereas,  the  General  Court  (if  I  mistake 
not)  hath  for  some  Years  past  granted  at  least 
10000  /  to  defray  the  Charges  of  the  Government ; 
now  this  is  the  whole  Interest  of  the  Loan  Mony 
and  as  much  more  emitted  yearly.  If  it  be  objected, 
that  when  10000  I  is  granted  yearly  for  the  support 
of  the  Government,  there  is  also  at  the  same  time  a 
Tax  granted  to  his  Majesty  in  some  Year  to  come, 
for  calling  in  these  Bills  again.  I  answer,  that 
this  will  create  no  difficulty  to  the  Borrowers  of  the 
Loan  Mony ;  because  these  yearly  Emissions  for 
the  Support  of  the  Government  must  continue  till 
the  ten  Years  for  the  standing  out  of  the  Loan 
Money  are  expired  :  And  the  Taxes  granted  for 
calHno-  in  these  Bills,  are  set  at  several  Years  dis- 
tance  (the  number  of  Years  I  dont  now  certainly 
remember,)  so  that  the  very  last  Year  of  the  Loan 
Mony,  there  will  be  Bills  enough  standing  out, 
[16]  to  pay  not  only  the  Interest,  but  also  the  whole 
Principal. 

But  there  is  another  answer  easier  to  be  under- 
stood than  this.     Some  years  ago,  the  Tax  for  bring- 


IVIASSACHUSETTS   BAY  269 

ing  in  our  Province  Bills  was  Two  and  Twenty 
Thousand  Pounds  a  Year.  At  length  the  Govern- 
ment thought  fit  to  ease  the  People  of  so  great  a 
Burthen,  and  so  reduced  the  Tax  to  but  Eleven 
Thousand  Pounds  a  Year,  and  proposed  to  bring 
in  the  other  half  by  Impost,  Excise,  &c.  After  the 
Emission  of  the  Loan  Mony  the  Tax  was  again  re- 
duced (to  what  Simi  I  don't  now  remember)  and  the 
Interest  of  the  Loan  Mony  was  added  to  the  Impost 
and  Excise,  to  help  make  up  the  Two  and  Twenty 
Thousand  Pounds,  which  should  have  been  brought 
in  by  the  Tax  alone.  So  that  every  Year  that  Five 
Thousand  Pounds  is  paid  as  Interest  of  the  Loan 
Mony,  at  the  same  time  Five  Thousand  Pounds 
which  wou'd  otherwise  have  been  brought  in  by  Tax, 
is  left  standing  out.  And  therefore  at  the  Ten  Years 
end,  there  will  be  Fifty  Thousand  Pounds  standing 
out,  which  had  it  not  been  for  the  Interest  of  the 
Loan  Mony,  would  have  been  paid  in  by  that  time 
by  Tax.  And  this  the  Borrowers  of  the  Loan  Mony 
will  have  to  pay  that  part  of  their  Principal  with, 
which  hath  been  drawn  in  by  Interest. 

I  hope  this  comes  fully  up  to  the  Difficulty,  and 
is  plain  enough  for  any  Man  that  will  but  set  him- 
self a  thinking,  to  understand  ;  and  will  clear  the 
Government  of  the  unjust  Imputation  of  being 
worse  than  the  Egyptian  Taskmasters. 

We  are  told  we  must  exj^ect  no  more  Bills,  and 
Silver  and  Gold  is  bought  up  for  the  Factors  as 
fast  as  it  comes  in,  and  Shipt  home,  &c.  />.  3. 

And  so  it  always  will  be,  while  we  have  such 


270  CURRENCY   FOR  THE 

plenty  of  Bills  that  the  Merchants  and  Factors  can 
iind  Advantaii'e  in  doinjj  so.  But  I  should  think  it 
prudence  for  the  men  who  drive  this  Trade,  not  to 
lisp  so  much  as  a  word  about  the  miseries  of  poor 
People  in  Boston.  I  believe  other  Folks  will  think 
of  these  miseries  often  enough,  and  of  the  true  reason 
of  them,  without  being  put  in  mind,  by  the  Men 
that  cause  them.  If  our  own  Merchants  are  not 
guilty,  but  they  are  the  Foreign  Factors  [17]  only 
that  drive  this  Trade,  let  not  our  own  Merchants 
join  with  them  in  a  Cry  for  more  Province  Bills,  and 
make  the  miseries  of  poor  people  in  Boston  a  Plea 
for  it ;  but  let  them  tell  the  World  the  plain  Truth, 
That  these  poor  People  are  paid  in  Goods  for  their 
Labour,  not  for  loant  of  Province  Bills,  hut  because 
Factors  save  their  Province  Bills  to  buy  up  Silver 
and  Gold,  as  fast  as  it  comes  in,  that  they  may  shij? 
it  home  to  their  Principals,  and  so  procure  more 
Goods  to  p)ay  Lcd^ourers  and  Tradesmen  loith : 
Let  them  tell  the  World,  that  it  is  by  this  means 
that  Honest,  Industrious  Peo2')le  in  Boston  are 
brought  to  such  Extremities,  as  to  sell  their  Pewter 
and  Brass  to  buy  Food. 

The  Gentlemen  who  are  against  emitting  more 
Bills,  think  we  have  Mony  enough  ;  that  there  are 
tvno  hundred  thousand  pounds  out  in  all  the  Pro- 
vinces. A  wonderful  Cash  to  manage  the  Trade  of 
the  four  Governments  \  &c.  p.  3. 

I  am  myself  at  present  in  no  Capacity  to  conjec- 
ture the  Sum  of  the  Bills  standing  out  in  the  four 
Provinces ;  but  let  it  be  what  it  will,  I  think  I  am 


MASSACHUSETTS  BAY  271 

capable  of  proving,  that  there  are  enough  of  them 
to  carry  on  a  Trade  as  large,  as  it  is  for  the  Interest 
of  the  Provinces  to  have  carried  on.  And  I  hope  I 
shall  do  this  with  an  Argument  that  every  man  can 
understand.  There  are  Province  Bills  enough  to  buy 
up,  at  a  reasonable  rate,  all  that  can  be  spar'd  of  the 
Product  of  the  Husbandry,  Fishery,  &c.  of  the  whole 
Country.  Let  them  that  have  any  of  these  things  to 
sell,  offer  them  but  at  any  thing  near  the  rate  they 
used  to  sell  them  for  some  Years  ago  for  Silver,  and 
I  am  certain  they  will  soon  find  Buyers,  and  Mony 
enough.  Nothing  will  ly  upon  their  hands,  except 
there  be  something  not  fit  to  be  exported,  which 
great  plenty  hath  made  a  Drug  of. 

Now  if  there  be  Mony  enough  to  buy,  at  a  reason- 
able rate,  all  the  Produce  of  the  Country  that  can  be 
spared,  then  every  man  that  raises  any  thing  to  make 
Mony  with,  may  turn  it  into  Mony,  and  lay  out  all 
that  Mony  with  Traders  for  foreign  Commodities,  if 
he  pleases.  So  that  it  is  a  plain  Case,  that  we  have 
Bills  enough  still  to  enable  every  Man  in  the  Pro- 
vince (if  they  were  all  minded  [18]  to  be  so  much  of 
Simpletons)  to  spend  all  that  he  can  earn  in  the  Year, 
on  Traders  for  foreign  Commodities.  And  what 
wou'd  the  Traders  have  more  ?  Must  Men  spend  more 
than  they  earn  ?  Must  publick  &  private  Banks  be 
established,  that  so  when  People  have  spent  all  they 
have  earnt,  they  may  know  where  to  go  and  borrow 
more,  to  lay  out  for  things  they  have  no  need  of  ? 
And  must  the  Lands  of  the  Country  groan  under 
Taxes    and  Mortgages  to  uphold  these  Fooleries? 


272  CURRENCY   FOR  THE 

All  this  must  be  clone  forsooth !  Not  for  fear  Trade 
should  not  be  large  enough  still,  but  for  fear  it 
should  not  be  so  large  as  it  hath  been  for  many 
Years  past,  to  the  impoverishing  and  almost  ruining 
the  Country.  I  have  read  but  little  in  the  History 
and  the  Customs  of  other  Countries  :  Pray,  Sir,  in- 
form me,  whether  the  Governments  of  other  Coun- 
tries, use,  when  Traders  have  fool'd  away  all  their 
Silver  and  Gold,  to  be  so  very  careful  to  provide 
another  Medium  for  them  to  play  the  Fool  with 
again  ?  I  am  apt  to  guess,  that  the  Care  in  such 
Cases  hath  commonly  been,  to  lay  Trade  under  such 
Restraints,  as  that  it  can't  be  carried  on,  but  to  the 
Advantage  of  its  Country. 

Our  own  Bills  are  hoarded  up,  with  what  noble 
Design  I  know  not,  hut  it  gives  room  to  suspect  the 
worst,  &c.  2^-  4- 

This  Cry  I  have  observed  frequently  to  be  made 
at  some  convenient  Seasons ;  but  why  Mony  should 
be  hoarded  just  at  such  Times,  or  why  men  should 
hoard  Mony  now,  that  have  not  always  made  it  their 
Custom  to  do  so,  I  never  could  well  imagine.  It 
is  commonly  accounted  a  true  Saying,  that  Interest 
will  not  lye ;  therefore  I  can't  think  that  any  let 
their  Mony  lye  by  them  unimproved,  in  hopes  of  get- 
ting their  Neighbours  Lands  at  half  Value;  because 
I  see  no  likelihood  that  such  a  thing  will  ever  be 
effected.  When  once  our  Pro\ance  Bills  are  by  their 
Scarcity  become  equal  in  value  to  Silver,  If  the  Gov- 
ernment will  but  admit  Taxes  to  be  paid,  and  Mort- 
gages to  be  redeemed  with  Silver,  or  the  produce  of 


MASSACHUSETTS   BAY  273 

the  Country,  those  that  have  hoarded  up  Province 
Bills,  will  be  glad  to  break  up  their  Hoards,  and  get 
rid  of  them  as  fast  as  they  can,  lest  they  should 
become  useless  to  them.  Indeed  if  any  Gentlemen 
that  employ  [J 9]  a  great  number  of  Labourers,  do 
(at  some  Seasons  when  it  will  serve  a  Turn  to  have 
a  Clamour  raised)  turn  off  their  Workmen  with  two 
thirds  instead  of  one  half  Goods,  or  make  them  wait 
a  great  while  for  their  Mony  part,  and  tell  them  they 
can't  help  it,  the  Bills  are  hoarded,  when  it  may  be 
at  the  same  time  they  are  buying  Silver  with  them; 
(I  say  if  any  do  so)  it  is  plain  there  may  be  advantage 
in  it ;  and  so  there  is  room  to  susjject  the  loorst ; 
tho'  I  don't  know  that  any  such  thing  as  this  hath 
been  practiced. 

The  Gentlemen  that  cry,  no  more  Bills,  are  only 
Usurers,  and  men  who  live  on  Salaries,  Officers  of 
the  Courts  and  Lawyers,  &c.  p.  4.  I  wHl  add  all 
understanding  Husbandmen,  that  I  meet  with,  who 
have  been  so  good  Husbands  as  not  to  entangle  their 
Estates. 

It  is  not  sinking  the  Bills  of  credit  that  toill 
bring  in  Silver,  &c.  If  he  had  said  sinking  the 
Credit  of  the  Bills  it  had  been  very  just.  It  must 
be  done  by  going  on  Manufactures,  &c.  No  great 
matters  will  or  ever  can  be  done  at  Manufactures 
while  Labour  is  so  dear  ;  and  Labour  will  always  be 
dear,  while  Bills  are  cheap.  Necessity  is  the  Mo- 
ther of  Invention,  and  will  teach  men  more  Projects 
as  well  as  more  Industry  and  Good  Husbandry  than 
the  Emission  of  more  bills.     I  desire  to  be  informed 


274  CURRENCY  FOR  THE 

what  Project,  what  Manufacture  hath  been  set  on 
foot  to  any  purpose,  by  the  50  and  100  Thousand 
Pounds  lately  emitted  ?  The  mony  hath  been  gen- 
erally Bori'oioed  (as  far  as  I  can  learn)  to  fay 
Dehts  contracted  hefore,  by  virtue  of  long  Credit. 
And  if  an  hundred  Thousand  Pounds  more  were 
emitted  it  would  quickly  go  the  same  way. 

/  am  sorry  to  see  the  Ministers  of  the  Town 
so  Silent  &c,p.  5.  If  any  of  these  Gentlemen  can 
by  writing  set  the  true  Interest  and  Duty  of  the 
Country  (at  such  a  day  as  this)  in  a  clear  light,  they 
will  do  God  and  their  Country  excellent  Service  : 
but  I  hope  they  will  be  very  cautious  what  they 
deliver  in  the  name  of  God  from  the  Pulpit,  about 
these  matters  of  doubtful  Disputation  which  perplex 
the  Government. 

[20]  The  Gentlemen  who  oppose  the  Schemes 
for  Emitting  more  Bills  on  Land  Security  never 
projjose  any  other,  &c.  p.  5. 

No  Projects  will  serve  the  turn,  without  Indus- 
try, Frugality  and  good  Husbandry.  Do  but  leave 
off  Trusting,  or  shorten  Credit  as  much  as  possible, 
and  this  will  make  us  all  Industrious,  Frugal,  and 
Prudent,  whether  we  will  or  not.  And  I  beheve  in 
the  way  we  are  now  in  nothing  else  will. 

Most  certainly  it  was  a  very  wrong  step  to 
criish  the  private  Batik,  &c.  I  can't  but  hope  that 
it  will  still  be  crush't.  And  that  for  the  following 
Reasons. 

1.  Because  such  an  Emission  of  Bills  will  keep 
their  Credit  always  low,  and  that  will  make  the  pro- 


MASSACHUSETTS  BAY  275 

duce  of  the  Country  porportionably  high,  that  it 
wont  turn  to  Account  to  send  it  elsewhere,  and  so 
our  Merchants  will  always  be  at  the  same  Loss  they 
are  now,  where  to  make  Adventures,  It  will  also 
make  Labour  always  dear,  so  that  we  shall  never 
make  any  great  Improvement  in  Husbandry  or 
Manufactures.  And  at  this  rate  Silver  and  Gold 
will  always  be  one  of  the  best  things  that  we  can 
make  Returns  with,  and  therefore  wdll  be  bought 
up  and  Shipt  off  as  fast  as  it  comes  in,  and  so  we 
shall  never  get  through  our  Difficulties. 

2.  Because  we  have  found  by  the  unhappy  Ex- 
perience of  the  Pubhck  Bank,  that  if  there  be  but 
a  Bank  to  run  and  borrow  at,  the  111  Husbandry, 
Vanity  and  Folly  of  the  People  is  such ;  that  in  a 
short  time  most  of  the  Estates  in  the  Country  would 
become  involved ;  and  I  think  it  much  more  for  the 
Strength,  Safety,  and  Interest  of  the  Country  both 
Civil  and  Religious,  that  the  Estates  should  continue 
as  at  present  in  many  mens  hands,  than  that  a  few 
Gentlemen  should  be  Landlords,  and  all  the  rest  of 
the  Country  become  Tenants. 

If  you  ask  me  why  these  lU  consequences  will 
follow  upon  a  Bank  in  this  Country  rather  than  in 
England?  I  answer,  because  as  I  observ'd  before. 
We  are  not  a  Sovereign  State.  We  may  not  check 
an  extravagant  Importation  and  Consumption  of 
some  foreign  Commodities,  by  heavy  Duties.  The 
only  way  of  doing  this  is,  by  shortning  Credit,  so 
that  People  may  not  be  able  [2 J]  to  consume  more 
than  they  earn :  And  by  not  suffering  a  Bank  for 


L'7G  CURRENCY   FOR  THE 

People  to  run  to,  and  undo  themselves  by  borrow- 
ing. 

3.  I  am  against  a  private  Bank,  because  that 
when  the  Province  Bills  which  are  now  out,  shall 
once  be  drawn  in,  all  the  Cash  of  the  Country  will 
then  be  at  the  direction  of  the  Bankers.  And  it  is 
easy  to  foresee  this  Consequence,  that  whatever  Pro- 
ject they  may  have  in  their  heads,  how  inconsistent 
soever  it  may  be  with  the  pubhck  Welfare,  they 
wont  want  means  to  bring  it  to  pass.  Nothing  will 
be  restrained  from  them. 

Fortifying  our  exjmsed  Settlements  looiid  en- 
courage PeopU  to  Sit  down  and  till  the  Earth. 
This  would  bring  down  the  prices  of  lAnen,  Can- 
vas, Provisio?is.  p.  8.  I  am  incHned  to  think  on 
the  contrary,  that  one  Reason  of  the  great  scarcity 
of  Pro\4sions  we  have  been  afflicted  with  of  late 
years,  was  that  so  many  People  have  gone  into  new 
Plantations,  where  they  have  not  yet  been  able  to 
raise  their  own  provisions.  It  would  conduce  more 
to  the  bringing  down  Pro\asions,  to  have  the  Land 
already  taken  up,  better  Improved  by  more  Labour- 
ers upon  it,  than  to  have  new  unsubdu'd  Lands  en- 
ter'd  upon. 

But  if  our  Author  indeed  desires,  that  the  price 
of  these  things  should  be  brought  down,  why  does 
he  tell  us  Country  People  in  the  next  Page  that 
the  want  of  mony  will  lower  the  price  of  all  our 
produce,  that  he  may  excite  us  also  to  joyn  with 
him  in  a  cry  for  more  Mony  ?  The  falling  of  our 
Provisions  will  enable  him  to  export  them  to  the 


MASSACHUSETTS  BAY  277 

Islands  as  in  former  times.  If  there  was  a 
Bridge,  &c.  The  Poor  who  want  Imployment, 
woii'd  do  better  service,  to  disperse  themselves  in 
Country  and  till  the  Ground. 

/  hojje  our  Friends  will  send  men  spirited  for 
our  Belief  to  represent  them,  &c.  I  hope  also  Men 
of  a  Publick  Spirit,  and  heartily  concerned  for  the 
Welfare  of  their  Country,  will  be  sent.  JVot  Sheriffs 
and  Lawyers  <&c.  I  will  add,  not  Men  in  difficult 
Circumstances,  who  have  involved  themselves  by 
their  own  Indiscretion.  They  that  can't  order  their 
private  Affairs  with  Discretion,  will  make  but  poor 
Managers  for  the  Publick.  Besides  [22]  whatever 
shall  be  proposed  for  the  Publick  Good,  Men  in  a 
needy  Condition  will  be  sure  to  consider  it  in  the 
first  place  how  it  will  affect  themselves,  and  if  it  be 
likely  to  increase  their  Straitness  and  Difficulty  a 
little,  (tho'  but  for  a  time)  they  had  need  be  Men  of 
great  Integrity  to  give  their  Consent  to  it. 

Thus,  Sir,  I  have  given  you  my  Thoughts  "udth  a 
sincere  aim  at  the  Good  of  my  Country ;  and  with- 
out prejudice  or  affection  to  any  Man,  or  Party  of 
men.  If  you  think  they  may  be  of  Publick  Service, 
you  have  leave  to  make  them  as  publick  as  you 
please.  If  they  are  just,  no  man  hath  reason  to  be 
angry  ;  If  they  are  Mistakes,  I  shall  be  heartily 
sorry  for  it.  If  the  Mistakes  are  dangerous,  I  hope 
the  Gentlemen  who  think  them  so,  will  be  so  just  to 
their  Country  as  to  warn  it  of  them. 

I  have  written  these  things  in  the  utmost  Hurry 
imaginable,  for  fear  of  losing   the   Oj^portunity  to 


278    CURRENCY  FOR  THE  MASSACHUSETTS  BAY 

convey  them.  If  you  meet  with  any  thing  out  of 
Place,  or  expressed  too  sharply  or  too  obscurely, 
impute  it  to  my  great  Hast,  which  wont  allow  me  to 
correct  and  alter. 

/  am,  &c. 
April  23,  1720 

FINIS. 


[12mo,  22  pp.  This  pamphlet  is  attrihuted  by  Sabin  in  his 
"  Dictionary  of  books  relating  to  America  &c  "  to  E.  Wiggles- 
worth.  This  apparently  rests  upon  the  fact  that  "  A  vindication 
of  the  remarks  of  one  in  the  Country,"  etc.,  presumably  by  the 
same  author,  is  put  down  in  a  sale  catalogue  as  by  "  Mr.  Wig- 
glesworth."  The  name  of  the  compiler  of  the  catalogue  is 
not  known. 

Reasons  are  given  in  the  note  at  the  end  of  the  next  succeed- 
ing pamphlet,  for  supposing  that  the  author  of  this  pamphlet 
was  also  the  author  of  a  communication  of  similar  import 
printed  in  the  "  News-Letter,"  April  18,  1720. 

The  copy  of  the  pamphlet  and  the  facsimile  of  the  title-page 
were  obtained  through  the  courtesy  of  the  Boston  Public 
Library.  Certain  defects  in  this  copy  were  supplied  through 
the  courtesy  of  Mr.  Wilberforce  Eames  of  the  Lenox  Library.] 


A 


LETTER 

From  a  Gentleman, 

Containing  some  Remarks 
upon  the  Several  Answers 
given  unto  Mr.  Colmari^s^ 
Entituled,  The  Distressed 
State  of  the  Town  ^Boston. 


BOS  TON:  Printed  by  S.  K  n  e  e  l  a  n  d. 
for  Nicholas  Boone,  Benjamin  Gray,  and 
John  Edwards,  and  Sold  at  their  Shops. 
1720. 


280  CURRENCY  FOR  THE 

[3] 

SIR, 

I  Have  perused  your  Letter,  Intituled,  The  Dis- 
tressed State  of  the  Town  of  Boston,  and 
think  the  Title  doth  answer  the  Matters  of 
Fact  therein  contained  ;  which  are  too  obvi- 
ous to  every  Man  to  be  deny'd,  and  therefore 
I  beHeve  all  Men  will  be  of  Opinion  that  it  was 
high  time  some  body  did  begin,  and  shew  the  Pov- 
erty and  Oppression  which  is  breaking  in  like  a 
Flood  upon  us.  I  have  lately  Travell'd  into  divers 
parts  of  the  Country,  and  conversed  with  many 
Principle  Men  there,  and  find  them  all  to  be  very 
different  in  Opinion  from  those  who  have  pretended 
to  give  Answer  to  yours  in  the  News -Letter,  the 
18th  of  April,  and  since  in  a  Pamphlet  dated  23d. 
of  same  Month,  Intituled,  Some  Remarks  on  yours, 
and  indeed  I  think  the  Author  did  well  to  put  in 
the  Word,  Some  :  for  those  Things  which  there  was 
most  need  of  clearing  up,  he  hath  not  thought 
proper  to  touch  upon,  perhaps  he  saw  he  was  not 
able  to  give  any  satisfactory  Answer  thereto,  and  so 
thought  (as  any  wise  Man  would)  that  it  would  be 
most  prudent  to  pass  them  over  in  silence,  and  in- 
deed no  Man  of  common  understanding,  who  com- 
pares your  Letter  with  the  pretended  Answers  will 
say,  that  the  Answers  any  way  clear  up  the  Diffi- 
culties you  complain  of.    So  that  your  Letter  stands 


y-  {i^ 


/^-y'^^/t-  - 


A 


f  La  £L  X    T    LL  MX 

From  a  Gentleman, 

I  Containing-fome  Remarks 
j  upon  th eSeveral Anfwers 
'  givei>  unto  lsAtyC6lman\^^ 
i  Entituled,  The  T>ijlrej[ed 
State  of  the  Tmm  of  Bofton. 


BOSTON:  Printed  by  S.  Kneeland; 
for  NicHOLAG  BoonEjBe^'JaminGray/ 
and  John  Edwards,  and  Sold  at  <heir 
Shops.     1720. 


immmmw^&m 


*/ 


1.)  .■t 


MASSACHUSETTS  BAY  281 

good,  and  will  do  so  in  the  Opinion  of  every  Judi- 
cious Reader,  until  a  clearer  and  fuller  Answer  ap- 
pear. I  have  also  seen  a  piece  of  [4]  sulled  paper. 
Intituled,  The  PostciHjjt,  which  I  hastily  ran  over, 
but  thought  it  not  worth  while  to  give  it  a  second 
reading,  being  sensible  that  none  but  some  very 
mean  wi-etch  could  be  so  simple  to  think  the  Cause 
(of  which  he  would  be  thought  a  Patron)  could  re- 
ceive any  benefit  by  the  railing  of  such  a  Rahsliica. 
However,  I  put  it  in  my  Pocket,  thinking  it  might 
serve,  (as  dirty  as  it  was,)  for  a  necessary  occasion  ; 
but  Sir,  I  can  assure  you,  you'l  suffer  nothing  by 
such  Scui-rility,  for  I  find  you  are  justifyed  by  Men 
of  every  Rank  and  Order,  and  it  is  the  cry  of  (by 
far  the  greatest  part)  both  of  Town  and  Country, 
that  your  Letter  was  a  word  in  season,  and  that  you 
have  done  well  in  appearing  in  this  criticalJuncture. 
I  think  it  no  Difficult  matter  to  Answer  the 
Answer's,  but  it  will  take  up  too  much  of  my  Time, 
and  indeed  what  they  have  written,  are  mostly  Eva- 
sions, Misrepresentations  and  Amusements,  and  per- 
haps some  Mistakes,  to  which  the  Gentleman  owns 
he  is  as  liable  as  you  are.  He  saith  you  have  re- 
presented Things  in  a  smart  and  moving  manner, 
by  which  I  perceive  he  thought  that  the  Town  felt 
the  Truth  of  what  you  have  written,  and  therefore 
would  readily  fall  in  with  it :  This  seems  to  be  his 
great  fear  and  perplexity  thro'  the  whole  Epistle, 
and  therefore  he  saith  your  heart  waxed  hot  within 
you,  and  inliven'd  and  sharpen'd  your  Expression  : 
Though  I  confess  I  don't  see  you  have  exceeded 


282  CURRENCY  FOR  THE 

that  way  any  more  than  the  nature  of  the  Thing 
required  ;  for  it  being  so  Melancholy  a  Theame  you 
were  upon,  I  think  it  look'd  well  enough  to  shew 
your  Resentments  against  some  Evils  you  complain 
of,  by  a  suitable  warmth  of  Expression. 

As  to  the  ill  use  which  have  been  made  of  our 
Province  Bills,  and  the  unhappy  Consequences  re- 
sulting therefrom,  I  shall  not  run  into  the  Argu- 
ment, it  being  nothing  to  the  present  Case,  but  I 
can't  but  observe  that  it  is  the  Opinion  of  every 
Body  I  hear  discourse  on  that  Subject,  that  the 
Province  Bills  received  their  [5]  deadly  wound  the 
Day  they  were  first  invented,  but  had  they  been 
then  made  a  lawful  Tender,  or  had  there  been  then 
a  Law  made  that  no  Man  should  have  been  Im- 
prisoned who  tendered  the  Province  Bills  for  satis- 
faction, the  Poor  Men  who  received  'em  for  Wages 
in  the  Canada  Expedition  would  not  have  lost  Fifty 
per  Cent,  by  them  :  And  indeed  I  am  of  Opinion  if 
Merchants  had  then  made  a  Bank,  and  given  out 
their  Bills,  these  Poor  Men  would  have  fared  much 
better  then  they  did  with  the  Province  Bills,  for  the 
Merchants  would  have  been  for  supporting  the 
Credit  of  their  own  Bills,  whereas  it  was  their  In- 
terest to  run  down  the  value  of  the  Publick  Bills, 
in  order  to  get  Money  by  them  ;  and  this  hath 
always  been  the  great  Argument  with  me  why  a 
Private  Bank  must  be  better  than  a  Publick  ;  A 
Private  Bank  would  be  in  the  hands  of  a  multitude 
of  Men  whose  Interest  it  would  be  to  support  the 
Credit  of  there  Bills,  whereas  it  is  and  always  will 


MASSACHUSETTS  BAY  283 

be  the  interest  of  every  private  Man  to  undervalue 
the  Publick  Bills,  by  selling  his  Silver  to  the  high- 
est bidder :  And  it  is  this  in  a  great  measure  that 
hath  raised  the  price  of  Silver  to  Twelve  Shillings 
per  Ounce. 

I  am  fully  of  the  Gentlemans  mind,  that  the  Dis- 
tressed State  of  the  Trade  of  Boston  is  not  owing 
to  the  want  of  Province  Bills,  for  I  say  it  was  an 
unhappy  Day  wherein  they  were  first  invented,  but 
the  distressed  State  of  the  Town  of  Boston,  which 
is  what  you  talk  of,  is  owing  to  the  want  of  some 
better  Medium  of  Exchange,  and  I  am  sure  you  are 
right  in  saying,  that  it  is  impossible  the  Town  or 
Country  can  subsist  without  some  Medium  or  other, 
And  Two  Hundred  Thousand  Pounds  in  this  large 
Country  is  but  as  a  sprat  in  a  Whales  Belly  ;  One 
would  think  there  could  not  be  less  that  that  in 
the  Countrymans  Chests  to  buy  Land  with. 

[6]  The  Gentleman  don't  wonder  the  Trade  of 
Boston  declines,  and  expects  it  will  yet  do  so.  And 
I  am  of  his  Opinion.  He  saith  several  other  Places 
in  this  and  other  Provinces  are  got  into  a  foreign 
Trade  of  late  ;  But  he  dont  tell  us  that  our  Bur- 
thening  Trade  with  heavy  Duties,  hath  been  in  a 
great  measure  the  cause  of  it,  whilst  our  Neigh- 
bours court  Trade,  and  endeavour  to  encourage  the 
Trader,  and  find  their  Account  therein,  for  by 
under-selling  us  they  supply  those  Places  who  for- 
merly depended  on  us,  so   that  we  have  lost  the 


284  CURRENCY  FOR  THE 

advantage   we    formerly    reap'd   by   supplying    our 
Neighbours,  and  those  also  who  they  now  supply. 

But  the  Gentleman  makes  a  great  noise  about 
our  giving  Twelve  Shillings  per  Ounce  for  Silver, 
and  saith  we  have  Province  Bills  to  buy  up  all  the 
produce  of  the  Country  and  all  the  Silver  and  Gold 
besides  ;  By  which  I  find  he  knows  little  of  Trade 
of  this  Country.  As  to  the  Silver  and  Gold,  I  sup- 
pose a  small  Sum  of  Money  will  buy  up  all  that 
comes  in ;  I  don't  believe  there  is  Three  Thousand 
Pounds  per  Annirni,  comes  into  the  Province  ;  so 
that  could  it  all  be  kept  and  not  a  Penny  Ship'd  off 
again,  unless  it  came  in  faster  then  it  doth  now,  we 
should  not  have  Silver  enough  for  a  Medium  to 
manage  our  Trade,  in  less  then  Two  or  Three  Hun- 
dred Years.  But  further  I  must  tell  that  Gentle- 
man, that  if  the  Fish  which  is  made  in  the  Country 
in  one  Year  lay  in  one  Pile,  and  all  our  Province 
Bills  in  another,  I  am  of  opinion  that  the  Bills 
would  not  be  sufficient  to  pay  for  that  one  Article, 
so  vastly  short  is  the  Gentleman  in  his  Computation. 

The  Gentleman  seems  very  much  concern' d  at 
your  touching  upon  the  Law  made  to  shorten  Credit. 
I  find  it  is  a  tender  point  by  the  Treatment  you 
have  lately  met  with  on  that  account ;  and  therefore 
I  shall  wave  it,  and  only  say.  That  in  my  apprehen- 
sion no  Man  could  have  [7]  justify'd  the  good  in- 
tentions of  the  Government  more  than  you  have 
done  ;  you  only  shew  the  Advantages  some  People 


MASSACHUSETTS  BAY  285 

have  taken  therefrom  to  oppress  their  Neighbours, 
and  your  Answerer  don't  deny  the  Truth  of  what 
you  assert.  I  hoj^e  none  will  blame  you  for  com- 
paring it  with  the  Scriptures,  that  being  the  Eternal 
Rule  of  Righteousness,  by  which  we  must  all  be 
justify'd  or  condemn'd. 

The  Gentleman  seems  afraid  that  every  Bodies 
Belly  is  not  full  of  the  Publick  Bank,  but  I  am  fully 
of  your  Opinion  that  it  is  so  ;  And  joyn  also  with 
your  Answerer  that  it  never  did  no  good  ;  and  add 
further,  nor  never  will  do  any  :  For  which  Reason  I 
hope  if  ever  we  have  any  more  Bills,  they  will  be 
on  another  foot,  and  as  that  Gentleman  saith,  they 
imagine  a  vain  Thing  who  think  the  Loan  Money 
they  have  Borrow'd  will  be  paid  by  the  Province. 
I  think  it  very  unjust  for  any  to  desire  it,  and  very 
idle  for  'em  to  expect  it. 

The  Gentleman  tells  us,  That  the  Silver  and  Gold 
will  always  be  Bought  up  and  Shipp'd  off  while  we 
have  such  plenty  of  Bills.  As  if  the  plenty  of  Bills 
were  the  cause  thereof,  no  my  Friend,  it  is  the  scarcity 
of  Returns  is  the  cause.  He  does  not  consider  we 
have  lost  our  Bay  Trade,  which  was  a  great  Article  in 
our  Returns.  Our  Newfoundland  Trade  and  other 
Branches  are  in  a  great  measure  cut  off  by  the  high 
Prizes  our  Provisions  bare  here  of  late,  and  this 
hath  run  up  the  Prizes  of  Returns,  and  the  reason 
European  Goods  are  so  high  of  late,  is  (1)  Because 
there  is  not   near  so  many  Imported  as  formerly. 


286  CURRENCY  FOR  THE 

though  the  Country  is  growing  daily,  and  Expends 
vastly,  and  (2)  The  Scarcity  of  Returns  help  also  to 
keep  up  their  Prizes,  and  what  Silver  comes  in  is 
ac't'ounted  as  Merchandize,  and  Bought  up  as  other 
Returns  are,  and  so  hath  been  for  a  long  time.  We 
all  know  that  there  hath  not  been  any  Silver  passing 
in  Payment  these  many  Years. 

[8]  The  Gentleman  tells  us.  That  there  is  a  Cry 
made  of  hoarding  up  the  Bills  at  some  Convenient 
Seasons,  but  don't  say  what  Seasons  those  are,  so 
that  we  are  left  in  the  dark  as  to  that  matter.  But 
he  goes  on  and  talks  of  the  Merchants  hoarding 
up  the  Bills  to  buy  Silver,  and  putting  off  there 
Tradesmen  with  Goods,  and  keeping  'em  out  of 
their  Money  part  with  this  Excuse,  that  the  Bills 
are  hoarded  up ;  as  if  it  were  the  Men  who  employ'd 
the  Poor  who  hoard  up  the  Bills,  But  I  must  tell  the 
Gentleman,  it  is  not  those  who  are  concerned  in 
Shipping  and  employ  the  greatest  part  of  the  Town 
that  drive  this  Trade  ;  it  is  a  Sett  of  Men  among  us 
who  live  only  by  Buying  up  Bills  of  Exchange,  and 
Silver  and  Gold,  and  bid  upon  one  another,  and  so 
advance  the  Exchange,  and  the  Price  of  Silver  and 
Gold  also,  and  these  are  the  Men  who  Import  the 
fineries  and  gue  gaus  he  speaks  of,  who  indeed  serve 
more  to  hurt  us  than  to  help  us. 

Well,  I  find  the  only  Project  the  Gentleman  can 
contrive  for  a  Medium  of  Exchange  to  pass  amongst 
us  is,  To  leave  of  trusting.  That  he  tells  us  will  do 


MASSACHUSETTS  BAY  287 

the  Business;  But  I  can  put  him  in  a  way  which  will 
do  our  Business  much  sooner,  and  a  way  as  likely  to 
take  Effect,  and  that  is  to  leave  off  Eating,  Drink- 
ing, and  Wearing,  and  then  there  will  be  an  end  of 
Buying  and  Selling,  and  this  is  as  Hkely  for  such  a 
Place  as  this,  or  indeed  any  other  Place  who  lives  by 
Trade,  to  live  without  Trusting.  Perhaps  the  Gen- 
tleman is  a  Sallary  Man,  and  so  don't  know  much 
about  Trusting  :  But  if  so  I  believe  I  may  venture 
to  tell  him,  if  we  have  not  some  Medium  or  other 
contrived,  Sallary  Men  will  feel  it  as  much  as  others 
very  qiuckly. 

As  to  the  Reasons  the  Gentleman  gives  against  a 
Private  Bank  I  think  they  are  not  unanswerable. 
However  I  shall  not  enter  upon  the  Argument  least 
I  should  [9]  be  thought  to  drive  the  matter  too  far : 
I  only  say.  That  I  always  was  and  still  am  of  your 
Opinion,  that  a  Private  Bank  under  the  Inspection 
of  the  Government  would  have  been  much  better 
than  the  way  we  have  been  in,  and  so  you  say  in 
your  Letter  ;  you  there  propose  that  the  Govern- 
ment should  Encourage  and  Support  it  by  suitable 
Laws,  whith  takes  off  the  Force  of  the  Answerers 
great  Objection  against  it,  Viz.  That  it  will  be  in 
the  Power  of  the  Bankers  to  accomplish  any  of  their 
own  private  Designs,  without  the  Governments  be- 
ing able  to  restrain  'em. 

But  I  find  the  Gentleman  mistakes  your  Proposal 
of  Fortifying  our  Exposed  Settlements,  and  saith. 


288  CURRENCY  FOR  THE 

Peoples  g'oing  into  New  Plantations  where  they 
could  not  raise  their  own  Provisions  hath  raised  the 
Price  with  ns,  and  so  far  he  is  right :  But  you  only 
proposed  securing  what  are  Setled  from  the  Insults 
of  the  Heathen  who  are  ready  to  devour  them.  But 
though  it  may  have  been  some  inconveniency  that 
there  have  been  so  many  New  Settlements  of  late  I 
hope  we  shall  soon  find  the  good  Effect  thereof,  and 
doubt  not  but  that  they  will  now  feed  themselves 
and  help  feed  us  also. 

I  must  own  with  the  Gentleman  in  the  News- 
Letter,  that  we  have  been  too  Extravagant  in  our 
Buildings,  Cloathing,  Furniture,  and  Tables,  and  I 
confess  it  is  a  fault  to  exceed  in  these  Things  ;  But 
Solomon  tells  us,  That  there  is  notliing  better  under 
the  Sun  then  for  a  Man  to  Eat  and  Drink^  and 
Enjoy  the  good  of  his  Labour  :  So  that  I  believe 
we  ought  not  to  be  sordidly  Covetous,  and  deny  our 
selves  the  Comfort  of  what  we  Work  for,  but  Eat 
and  Drink  as  our  Circumstances  will  afford,  so  as 
not  to  abuse  the  Favour  of  Heaven  to  Voluptuous- 
ness. But  this  wretched  Trade  of  Half  Money  and 
Half  Goods  hath  insensibly  run  People  into  this 
Extravagancy,  and  still  keep  'em  in  it ;  for  what 
shall  they  do  with  their  Notes  to  Shops,  they  can't 
Eat  [JO]  or  Drink  them,  they  must  improve  'em  in 
such  ways  as  I  have  before  mentioned  or  utterly 
lose  'em :  And  the  Country  will  by  and  by  feel  as 
great,  if  not  greater  mischiefs  from  this  want  of  a 
Medium  than  we  have  felt,  and  in  matters  of  greater 


MASSACHUSETTS  BAY  289 

Consequence,  for  when  the  Bills  are  all  in  (which 
will  not  be  long  first)  they  must  sell  their  Pro- 
duce for  Shop  Goods,  or  keep  'em  and  eat  'em  all 
themselves  ;  and  that  we  can't  allow  of  neither,  for 
then  we  must  starve,  and  rather  than  do  so,  we  shall 
be  so  wicked  as  to  Borrow  of  our  Country  Friends 
and  never  Pay.  And  if  they  Sell  them  for  Goods 
they  must  wear  'em,  they  can't  Merchandize  with 
'em  because  there  will  be  no  Money  to  Buy  with  : 
What  then  will  be  the  Consequences  but  Sloth  and 
Idleness,  they  will  have  no  Use  for  their  Wool  or 
their  Flax,  their  Shop  Notes  will  be  more  than  they 
will  Expend.  Their  Children  will  be  viciated  for 
want  of  Business,  and  in  another  Generation  will 
loose  all  that  Spirit  and  Life,  which  distinguishes 
Free  Men  from  Slaves,  and  will  be  brought  to  that 
sordidness  and  meanness  of  Soul,  which  appears 
in  Ireland,  and  some  other  Places,  where  the  Poor 
couch  like  an  Ass  under  his  Burthen  at  the  sight  of 
one  of  there  Land-Lords,  though  the  Man  (set  his 
Estate  aside)  is  no  better  than  the  meanest  of  them : 
And  these  I  fear  will  be  the  miserable  Consequences 
resulting  from  the  want  of  a  Medium. 

I  must  joyn  with  the  Gentleman  in  this  that  it 
was  on  the  pressing  Importunity  of  the  Trading  part, 
that  the  General  Assembly  consented  to  the  Publick 
Loan  or  Bank,  and  therefore  I  suppose  it  was  them 
you  allude  to  when  you  talk  of  there  being  short 
sighted.  But  I  presume  the  Gentleman  will  acknow- 
ledge, that  the  Reason  of  there  urging  that  matter 


290  CURRENCY  FOR  THE 

was  because  they  saw  they  should  be  ruined  in  their 
Trade  if  they  had  no  Medium,  and  the  Government 
had  crush'd  the  Private  Bank,  and  therefore  their 
Case  being  ahnost  Desperate,  they  were  glad  to  lay 
hold  of  any  thing  to  save  themselves  from  Drowning. 

[n]  Again  that  Gentleman  tells  us,  That  at  a 
Town  Meeting  in  Boston,  the  Private  Bank  was 
rejected  by  a  great  Majority  of  the  Voters ;  I  well 
remember  I  was  there  but  I  could  not  see  such  a 
mighty  disproportion  in  the  Votes;  had  it  came  to 
a  written  Pole,  I  am  of  Opinion  they  would  have 
proved  pretty  equal.  But  if  the  People  did  not  see 
so  clearly  into  the  Difference  then,  I  am  well  satisfied 
they  have  felt  it  since  by  an  unhappy  Experience 
that  there  Understanding^  was  then  in  the  dark. 

The  Gentleman  goes  on  and  saith.  That  the  Pri- 
vate Bank  hath  been  Burried  a  great  many  Years ; 
and  I  make  no  doubt  but  it  hath  so  been  with  him- 
self and  some  others,  and  they  have  so  far  Burried 
the  Publick  Bank  also  that  both  Town  and  Country 
are  half  ruin'd,  and  if  a  Private  Bank  or  some  other 
Mediiun  be  not  Brought  on  to  support  us,  we  shall 
ere  we  are  aware,  be  plunged  into  the  most  direful 
Circumstances  that  ever  poor  People  were  in.  He 
talks  of  endless  mischiefs  and  confusions  the  Private 
Bank  would  have  involved  us  in,  but  gives  us  no  one 
Instance  wherein :  I  find  they  are  all  for  General 
Terms  when  they  come  upon  that  Head  and  don't 
care  to  descend  to  Particulars. 


MASSACHUSETTS  BAY  291 

The  Gentleman  seems  sorry  for  our  Distressed 
Circumstances,  But  don't  project  any  thing  for  our 
Relief;  This  is  only  saying  to  us,  Be  ye  loarmed 
and  he  ye  cloathed ;  But  where  is  the  charitable 
Samaritcm  that  Binds  up  our  Wounds,  and  takes 
Compassion  on  us.  I  am  sure  I  am  fond  of  no  Bank 
of  one  sort  or  other,  if  any  thing  else  can  be  pro- 
jected which  may  Effectually  Reheve  us,  but  I  am 
not  for  Lying  down  and  Dying  in  these  Circum- 
stances. AVe  are  Bare  and  must  be  Fed,  and  if  one 
Project  will  not  do,  we  must  try  another,  and  then 
another,  as  the  Physician  doth  with  his  Languishing 
Patient ;  and  not  neglect  until  Death  seize  us  and  we 
be  past  Remedy,  whih  will  soon  be  our  Case. 

[12]  But  what  could  the  Gentleman  mean  by  say- 
ing, That  by  your  Projecting  the  Building  Bridges, 
Fortifications,  &c.  one  would  not  think  our  Circum- 
stances so  distressed  as  you  pretend  :  Could  he  think 
any  Man  of  common  sense  could  read  that  part  of 
your  Letter  and  not  charge  him  with  triffling  ;  is  not 
your  Proposal  all  along  to  bring  out  a  Medium  of 
Exchange,  that  the  Poor  may  be  employed  &  there 
Families  kept  from  star\ang,  which  they  must  do  if 
there  be  not  some  Medium  to  Buy  Necessaries  withal. 
I  am  as  uneasy  as  others  at  the  thoughts  of  Intailing 
a  Debt  on  my  Posterity,  but  better  be  in  Debt  than 
Dye,  Skm  for  Skin,  all  that  a  3fan  hath  ivith  he 
give  for  his  Life :  But  I  confess  I  don't  see  such  a 
mighty  Inconveniency  neither,  in  leaving  my  Son 
an  Hundred  Pounds  to  pay  if  I  leave  him  so  much 


292  CURRENCY  FOR  THE 

the  more  to  discharge  it.  I  acknowledge  it  is  just  to 
pay  our  Debts,  and  wise  and  prudent  to  pay  the  Old 
Score,  but  I  think  it  as  prudent  to  look  forward  and 
consider  how  we  shall  Live  when  the  Bills  are  all  in. 
There  will  not  be  then  a  Farthing  of  Money  to  Buy 
a  morsel  of  Bread  for  this  great  Multitude. 

Well,  the  Gentleman  joyns  with  you  in  Opinion 
in  one  Article,  he  tells  you  he  is  for  incouraging 
INIanufactures ;  But  I  am  sorry  to  see  his  mean  con- 
tracted Spirit ;  he  tells  you  he  hopes  they  shall  Raise 
their  own  Provisions,  and  Wear  their  own  Clothing, 
and  so  live  out  of  Debt,  so  that  I  find  he  is  for 
having  the  Town  and  Country  independent  of  each 
other  ;  for  he  don't  pretend  they  shall  raise  more  than 
they  use,  &  as  for  us  we  may  go  naked  and  starve. 

The  Gentleman  saith,  That  the  main  Spring  & 
Design  of  your  Letter  was  to  Lifluence  in  the  Choice 
of  Representatives  in  the  Country  ;  I  rather  think  it 
was  to  set  the  sad  Condition  the  Town  and  Country 
is  in  for  want  of  a  Medium  of  Exchange,  in  a  true 
Light,  and  the  Poverty,  Misery  and  Oppression  which 
is  breaking  in  [13]  upon  us  ;  and  indeed  the  Country 
groans  under  it  almost  as  much  as  the  Town,  and  say 
they  can't  improve  their  Lands  for  want  of  Labour- 
ers, and  they  can  neither  Buy  nor  Hire,  because  they 
can't  get  Money  ;  whereas  if  Money  were  plenty  they 
could  improve  much  more  of  their  Lands,  &  con- 
sequently raise  abundantly  more,  and  their  Lands 
would  grow  more  valuable,  and  so  could  afford  to 


MASSACHUSETTS  BAY  293 

Sell  cheaper  to  the  Merchants,  and  yet  be  gainers 
by  the  Bargain ;  but  for  want  of  this  Medium  we 
can  expect  no  other  but  that  shortly  their  Fields 
will  be  as  the  Field  of  the  Sluggard  overgrown  with 
Tares. 

The  Gentleman  tells  you  the  Governour  and  Coun- 
cil will  give  you  no  Thanks  for  your  Sugar  Plumbs, 
as  he  is  pleas'd  to  call  them.  I  hope  and  believe  you 
were  Sincere  in  your  Protestations,  I  never  knew  you 
were  any  Party  Man  ;  and  I  wish  from  my  heart  that 
some  Method  may  be  found  for  our  reHef  to  prevent 
Party-making  amongst  us ;  it  grieves  me  to  see  our 
Divisions  which  are  daily  increasing,  and  which  tend 
only  to  our  ruin ;  whereas  if  we  would  but  Unite, 
and  bare  with  one  another  in  our  different  Appre- 
hension of  Things,  debate  Matters  fairly,  and  lay 
aside  all  private  designs,  and  Animosities,  and  be- 
lieve that  every  Man's  particular  Interest  is  com- 
prized in  the  General,  and  study  sincerely  the  Pub- 
lick  Good,  I  am  fully  perswaded  we  might  contrive 
ways  to  Extricate  our  selves  out  of  these  Difficulties, 
and  be  as  flourishing  a  People  as  ever. 

I  hope  with  your  Country  Friends,  that  the  several 
Towns  wiU  chuse  to  Represent  'em  in  the  General 
Court,  Men  of  a  Publick  Spirit ;  and  farther  I  hope 
when  they  come  together,  that  they  will  choose  such, 
and  none  but  such,  for  Counsellours,  Men  not  only 
of  Parts  and  Probity,  but  of  Integrity  [14]  and 
down  right  Honesty ;  Lovers  of  King  GEORGE, 


294  CURRENCY   FOR  THE 

and  of  their  Country  also ;  such  as  will  sincerely 
seek  our  Peace  and  Prosperity :  and  I  hope  that  the 
GOYERNOUR  will  of  His  Great  Goodness  to  the 
Peoi)le,  consider  our  Malancholy  Circumstances  as 
set  forth  in  your  Letter,  which  I  have  not  as  yet 
heard  any  Man  deny  the  Truth  of ;  and  which  he 
can't  but  be  confirmed  in  the  belief  of,  on  perusing 
your  Letter  and  the  triffling  Answerers,  who  have  not 
in  the  least  confuted  the  Matters  of  Fact  therein 
contained.  And  I  pray  GOD  to  direct  the  Govern- 
oiir  and  General  Court  in  some  proper  Measures  for 
our  Relief ;  for  most  certainly  something  must  be 
done  or  the  Place  will  soon  sink  and  the  Trade  come 
to  nothing. 

On  the  whole,  I  perceive  all  the  Gentleman  drives 
at  in  his  pretended  Answer  is  only  to  draw  in  the 
few  Bills  which  are  yet  abroad ;  he  tells  us  this  is 
the  way  to  raise  the  value  of  'em,  so  then  I  find  he 
and  you  agree  in  that  j)oint,  for  you  say  in  your 
Letter  that  the  reason  some  give  why  those  who  Ex- 
plode what  others  Project  for  our  Relief  is  that  they 
may  get  there  Neighbours  Lands  at  half  Value,  and 
the  Gentleman  I  find  is  for  drawing  in  all  the  Bills 
that  then  a  Man  who  hath  Mortgaged  an  House  for 
Two  Hundred  Pounds  which  cost  him  a  Thousand, 
must  [J 5]  be  forced  to  let  it  go  for  the  Ttoo  Hun- 
dred, because  when  the  Bills  are  all  sunk,  he  will  not 
be  able  to  g-et  wherewith  to  redeem  it :  And  now  let 
any  Man  judge  whether  this  be  the  way  to  keep  the 
Estates  in  many  Mens  Hands  which  the  Gentleman 


MASSACHUSETTS  BAY  295 

saith,  (and  indeed  every  Body  else  thinks)  is  the 
Strength,  Safety  and  Interest  of  the  Land,  or  whether 
it  does  not  rather  look  like  a  design  to  inslave  a 
People  and  make  a  few  Lord's,  and  the  rest  Beggars. 
But  no  more  of  this  at  present,  we  all  know  one  an- 
other, and  what  the  best  of  us  were  Twenty  or  Thirty 
Years  ago.  I  can't  forbear  repeating  a  Flight  of 
one  of  our  Enghsh  Poets, 

We  hoast  of  Families  and  make  a  mighty  doe, 
Of  Lord's  whose  Fathers  were,  the  Lord  knows 
who. 

Boston,  May  lQ>th.  I   wish   your    Friend's 

1720.  well,  and  that  when  they 

Write    again,    they  may 

give  you  a  more  pertinent 

Answer.     /  am  Sir,  &c. 


[12ino,  15  pp.  Sabin,  in  his  "  Dictionary  of  books  relating 
to  America  &c,"  says  with  reference  to  this  pamplilet :  "  Said 
to  have  been  written  by  Dr.  Noyes. "  Dr.  Oliver  Noyes  was  in 
the  Assembly  about  this  time.  He  was  one  of  those  who  signed 
the  "  Vindication  of  the  Bank  of  Credit  &c  "  published  in  1714, 
and  is  so  far  identified  with  the  private  bank,  that  he  must  have 
agreed  with  the  opinions  put  forth  in  this  pamphlet. 

By  the  opening  sentence  of  the  pamphlet  it  would  appear 
to  have  been  addressed  to  John  Colman.  The  author  had  come 
to  Colman's  relief  in  this  attempt  to  reply  to  two  Answers  to 
"  The  Distressed  State  of  the  Town  of  Boston."  The  first  of 
these,  entitled  "  Country-Man's  Answer,  to  a  Letter  Intituled 
The  Distressed  State  of  the  Town  of  Boston  Considered,'^  oc- 
cupied a  little  over  a  column  in  the  "  News-Letter  "  of  April 
18,  1720.     The  second  was  "  A  LETTER  FROM  One  in  the 


296   CURRENCY  FOR  THE  MASSACHUSETTS  BAY 

Country  to  his  Friend  in  Boston  &c,"  which  appeared  in  pam- 
phlet form  under  date  of  April  23,  1720.  These  two  Answers 
are  constructed  on  tlie  same  general  line.  A  Countryman  from 
his  point  of  view  attacks  the  private  bank. 

The  author  of  this  pamphlet  evidently  regards  both  Answers 
as  the  work  of  one  person.  The  couplet  from  the  end  of  the 
pamplilet  is  quoted  by  Sabin. 

The  copy  of  the  tract  and  the  facsimile  of  the  title-page  were 
obtained  through  the  courtesy  of  the  Massachusetts  Historical 
Society.] 


A 


Vindication 

OF 

The  Remarks  of  One  in 
the  Country  upon  T*he 
Distressed  State  of  Boston, 
from  some  Exceptions 
made  against  'em  in  a 
Letter  to   Mr.    Colman. 

BOSTON:  Printed  by  S.  Kneeland, 
for  D.  Henchman,  and  Sold  at  his  Shop 
over  against  the  Brick  Meeting-House.  1 720. 


298  CURRENCY  FOR  THE 

[3] 

^^^  ^i&  "^  "S*  "S*  ^' VS   r^  "^  "Ji^  V"^ 'J^  ^J^  ^^^  ^^  "^  ^^ '  ^^  4^  ^*^  ^^ 

Sir, 

SINCE  I  sent  you  my  Remarks  of  the  23d  of 
April,  I  have  farther  considered  the  pre- 
sent State  of  the  Country,  and  had  some 
new  Tho'ts  upon  it.  I  was  then  of  Opinion 
that  Emitting  more  Province  Bills,  would  but  En- 
crease  and  Prolong  our  Miseries,  and  therefore  could 
not  choose  but  be  against  it.  And  I  am  sure  still 
that  to  Emit  more  according  to  any  Publick  or 
Private  Scheme  that  hath  been  yet  Projected,  will 
do  so.  I  am  sure  also  that  to  leave  off  Trusting  as 
far  as  it  is  practicable  enough  to  do  it,  would  in 
some  time  effectually  set  all  things  to  rights  again. 
However  I  am  sensible  that  in  the  mean  time  many 
People  must  undergo  considerable  Straits  and  Diffi- 
culties. If  therefore  any  way  could  be  contrived 
to  Emit  more  Province  Bills  without  running  into 
those  Fatal  Inconveniences  which  have  attended 
former  Projects  of  this  Nature,  or  into  others  as 
bad,  I  should  re  Joyce  in  it  as  much  as  any  Man  in 
the  Province.  And  upon  some  Application  of 
Thought  to  this  Matter,  I  hope  I  have  hit  upon  a 
Project  by  which  an  Hundred  Thousand  Pounds 
of  Bills  may  he  Emitted,  in  such  a  maniier 
as  to  raise  their  Credit  Equal  to  Silver,  and  to 
bring  an  Hundred  Thousand  Pounds  of  Silver 
into  the  Country  in  a  few  Tears.     When  I  have 


^pVindicatiok' 

OF' 

The  Remarks  of  One  in 
1     the  Country  uoon  Tk 

'     Vi/Ire/Jecl  \^:^^  ^^Eofton, 

\i  from  loir  ^..^ccpdons 
I'  made  againft  em  in  a 
I     Letter  to  Mr.  Coi?narL 


^  JP  ^  -•  Printed  by  S.Knleland, 
lor  U  Henchman,  and  Sold  at  his  Shop 
cveragainlt  thcBrick  Mcetinc-Houfc  1 7 2I 


i^^ 


IVIASSACHUSETTS  BAY  299 

had  Opportunity  to  draw  my  Tho'ts  upon  this  mat- 
ter into  Form,  I  intend  to  submit  them  to  the  Pub- 
Hck  Censure.  In  the  mean  time  I  have  met  with 
Some  Remarks  (of  the  16th.  of  May)  upon  my  Re- 
marks :  These  I  think  it  may  not  be  amiss  to  take 
some  Notice  of. 

[4]  My  Controversy  with  Mr  Cohnan  was  not  so 
much  whither  Boston  in  Fact  laboui-'d  under  great 
Distresses  ;  As  whither  he  had  not  assigned  wrong 
Causes  of  these  Distresses  ?  Because  assigning 
wrong  Causes  of  Real  Evils,  is  the  way  to  lead  into 
wrong  Measures  to  Remedy  them. 

Whither  the  Gentleman  hath  justly  represented 
the  Opinion  of  the  Country  ;  Or  whither  the  Peo- 
ple are  of  one  mind  where  he  hath  Travel'd,  and 
of  another  where  I  have  Liv'd  I  suppose  time  will 
discover. 

He  says  I  have  done  well  to  add  the  word  SOME 
to  my  Remarks.  I  beheve  he  speaks  as  he  thinks, 
for  he  hath  imitated  me  in  well  doing  in  this  matter. 
So  hath  he  imitated  the  Wisdom  also  which  he 
speaks  of,  by  passing  in  silence  those  things  which 
I  suppose  he  found  it  hard  to  answer.  But  I  must 
confess  I  am  a  Man  so  far  short  of  a  Common  Un- 
derstanding that  tho'  I  have  carefully  reviewed  Mr. 
Colm^arCs  Pamphlet,  I  cannot  find  what  those  Im- 
portant Matters  are,  which  are  not  toucht  upon.  I 
must  therefore  borrow  our  Author's  Expression  in 
Page  11,  /  arti  sorry  to  find  that  he  was  for  gen- 
eral Terms  upon  this  head  and  did  not  care  to 
descend  to  Particulars. 


300  CURRENCY  FOR  THE 

I  dislike  the  Personal  Reflections  in  the  Post- 
script as  iiuicli  as  our  Author  does  ;  but  whither 
he  might  not  have  put  in  the  Word  SOME  between 
Justijied  hij  and  Men  of  every  Bank  &  Order,  as 
properly  and  with  as  much  Truth  as  in  his  Title 
Page  I  leave  to  others  to  say. 

To  Answer  the  Ansivers  icoidd  take  up  too  much 
time,  &c.  If  the  Gentleman  hmiself  thinks  his  own 
Remarks  to  be  no  Answers,  I  suppose  he  will  easily 
o'et  most  other  Men  to  be  of  his  mind.     But  then 

o 

why  he  should  trouble  the  World  with  his  Remarks 
I  can't  well  imasfine. 

He  saith  you  have  represented  Things  in  a  smart 
and  moving  manner  by  lohich  I p^erceive  he  thought 
the  Town  felt  the  truth  of  ichat  you  have  writ- 
ten, &c. 

This  also  is  beyond  my  Comprehension  !  Mr.  Col- 
man  writ  smartly,  therefore  what  he  writ  was  true 
and  felt  [5]  by  the  Town.  If  there  was  danger  of 
Mr.  Colman's  Rhetorick,  I  think  there  is  not  much 
of  this  Gentlemans  Logick.  I  suppose  he  knows 
that  sharp  Writing  sometimes  irritates  Men's  Pas- 
sions, and  creates  Heats  and  Animosities  where 
there  is  no  just  cause  for  them. 

As  to  the  ill  uses  which  have  been  made  of  our 
Province  Bills,  and  the  unhapjpy  Consecpiences  re- 
sulting therefrom,  I  shall  not  run  into  the  Argu- 
ment,it  being  nothing  to  theprese?it  Case.  I  think 
Sir  nothing  can  be  more  to  the  present  Case,  than 
to  let  the  Country  know  truly  how  we  came  into 
such  a  Case  :  for  unless  we  know  what  bro't  us  into 


MASSACHUSETTS  BAY  301 

our  present  Difficulties,  I  am  sure  we  shall  not  be  like 
to  see  our  way  very  clearly  out  again.  But  if  the 
Gentleman  thinks  it  a  sufficient  excuse  for  not  run- 
ning into  an  Argument,  which  perhaps  it  might  not 
be  very  easy  to  clear  himself  of  again,  to  say  that  it 
is  nothing  to  the  present  Case  ;  at  that  rate  he  might 
have  sav'd  himself  from  much  trouble,  and  others 
from  some  exjDence,  by  only  putting  an  Advertise- 
ment into  the  News-Letter  and  Gazette,  That  my 
Remarks  were  all  nothing  to  the  present  Case . 

Tlie  Province  Bills  received  their  deadly  wound 
the  Day  they  icere  first  invented  &c.  I  suppose 
our  Author  himself  remembers  when  for  many  Days 
the  Merchants  themselves  would  upon  some  occa- 
sions, give  Silver  for  them  without  receiving  any 
advance,  and  thank  ye  too.  It  was  sometime  (tho' 
indeed  not  very  long)  before  they  seem'd  to  under- 
stand the  Advantage  put  into  their  hands  to  Export 
the  Silver. 

But  how  came  the  Province  Bills  to  receive  this 
deadly  wound?  Why,  Because  they  were  not 
made  a  lawfid  Tender,  Or  because  there  was  not  a 
Law  made  that  they  should  Answer  Specialties.  If 
such  a  Law  had  been  made,  it  would  not  have  sig- 
nifyed  much  towards  keeping  up  the  Credit  of  them. 
Since  the  Importation  of  Foreign  Commodities  hath 
been  greater  than  the  Produce  of  the  Country  would 
Answer  for,  there  hath  been  a  necessity  that  Silver 
should  go  to  help  make  the  [6]  Ballance,  and  while 
there  was  a  necessity  of  this.  Province  Bills  must 
needs  have  been  improved  to  Buy  it  up.     And  this 


302  CURRENCY  FOR  THE 

•would  unavoidiibly  have  made  a  difference  in  a  short 
time  between  Province  Bills  and  Silver,  notwith- 
standing any  Act  for  making  them  a  Lawful  Ten- 
der. Now  if  such  an  Act  could  not  have  kept  up 
the  Credit  of  them,  I  am  sure  it  would  soon  have 
been  the  occasion  of  much  Injustice  and  Oppres- 
sion. 

"What  he  alludes  to  about  the  Canada  Expedi- 
tion, I  cannot  tell.  But  I  suppose  the  Poor  Men 
spent  their  Wages  quickly  after  they  got  home,  and 
the  Gentleman  knows  that  the  Credit  of  our  Bills 
was  not  then  sunk  near  so  low,  as  it  hath  been  since 
the  Post-poning  the  Taxes  and  the  Emission  of  Loan 
Money. 

IT  IS  THE  INTEREST  OF  THE  MER- 
CHANTS TO  RUN  DOWN  THE  VALUE  OF 
THE  PUBLICK  BILLS,  IN  ORDER  TO  GET 
MONEY  BY  THEM.  If  this  he  the  Case,  then 
as  Things  stand  at  present,  nothing  will  cure  this 
evil  Practice  but  a  Scarcity  of  the  BiUs.  When 
once  Merchants  really  find  the  want  of  them,  they 
will  soon  prize  them  high  enough. 

The  GREAT  ARGUMENT  with  me  for  a 
Pi'ii'ate  Bank  is,  that  it  would  he  in  the  Hands  of 
A  MULTITUDE  of  Men,  whose  Interest  it  woidd 
he  to  supijort  the  Credit  of  their  Bills,  ^c.  I 
suppose  the  Province  Bills  are  in  the  hands  of  at 
least  as  great  a  Multitud^e.  And  I  believe  that  every 
Man  that  owns  a  Province  Bill  wishes  it  were  as 
good  to  him  as  Silver,  and  is  ready  to  use  any  means 
which  he  thinks  may  conduce  to  make  it  so. 


MASSACHUSETTS  BAY  303 

Whereas  it  is  and  always  will  he  the  Liter  est 
of  every  Private  Man  to  under  value  the  Puhlick 
Bills,  hy  Selling  his  Silver  to  the  highest  Bidder, 
&c.  This  again  is  quite  out  of  my  reach !  One 
wou'd  imagine  by  this,  that  every  Private  Man 
in  the  Country  hath,  and  always  will  have  Silver 
to  Sell.  If  every  Man  Sells  Silver,  pray  who  are 
the  Bidders  for  it,  and  who  the  highest  Bidders? 
The  Gentleman  says  afterwards,  that  'perhaj)s  I  am 
a  Sallary  Man.  I  assure  him  I  am  not ;  [7]  but  I 
don't  know  but  that  some  will  suspect  him,  from  this 
Passage,  to  be  a  Seller  of  Silver. 

/  am  fidly  of  the  Gentlemans  mind,  that  it  is 
impossible  either  the  Town  or  Country  shoidd  sub- 
sist without-  some  Medium  or  other.  But  that 
Bank  Bills  acording  to  any  Scheme  projected  yet, 
will  serve  the  turn  better  than  Province  Bills,  I  am 
sure  his  Great  Argument  above  don't  prove. 

What  the  Gentleman  saith  about  our  Burthening 
Trade  with  heavy  Duties,  I  won't  my  self  call  Eva- 
sion, Misrepreseyitaiion  &  Amusement.  Let  the 
Reader  call  it  what  he  thinks  fit.  I  gave  Two  Rea- 
sons for  the  decline  of  the  Trade  of  Boston,  that  so 
People  might  know  that  their  Distresses  were  not 
owing  wholly  to  the  want  of  Medium.  He  passes 
one  in  silence.  As  any  wise  Man  would.  The 
other  he  would  fain  shift  quite  away  to  other  Pro- 
vinces, and  lay  blame  on  our  own  Government.  He 
don't  tell  us  concerning  Newbury,  Ipsvyich,  Cape- 
Ann,  Marblehead,  Salem,  (not  to  mention  other 
Places ;)  all  within  our  own  Province,  that  none  of 


304  CURRENCY   FOR  THE 

them  carried  on  so  large  a  Foreign  Trade  during 
the  hite  French  War  as  they  do  now,  and  that  some 
of  them  carried  on  no  Foreign  Trade  at  all ;  but  he 
would  make  us  believe  that  by  heavy  Duties  we 
have  driven  away  Trade  to  our  Neighbours.  What 
are  these  heavy  Duties  laid  upon  ?  I  suppose  he 
won't  say  upon  English  Goods.  Perhaps  the  Tav- 
erners  and  Retailers  may  remember  for  him,  that 
there  is  an  heavy  Excise  upon  Rum,  Brandy,  «&;c. 
But  this  is  nothing  to  the  Importer,  but  to  the  Re- 
tailer of  these  Things. 

The  Gentlemcm  says,  I  make  a  great  noise  about 
giving  Twelve  Shillings  an  Ounce  for  Silver.  P.  6. 
When  I  am  convinced  that  I  have  made  more  than 
there  is  cause  for,  I  shall  be  very  sorry  for  it. 

He  clonH  believe  Three  Thousand  Pounds  of 
Silver  per  Annum,  comes  into  the  Province,  &g. 
I  can  tell  him  the  Gentleman  (of  very  considerable 
Trade)  that  affirms  upon  his  own  knowledge  that 
above  /.  10000.  came  in  last  year  from  one  Place. 
And  there  are  enough  in  the  Town  [8]  that  can  tell 
him  the  single  Ship  which  not  very  long  since  car- 
ried I.  10000.  at  once  away  ;  but  Pro\adence  frown'd 
upon  the  Cargo  and  sunk  it  in  the  Sea. 

What  Mystery  there  may  be  in  laying  Fish  in 
one  Pile  and  Province  Bills  in  another,  I  cannot 
tell.  But  the  last  Price  Currant  in  the  Gazette  tells 
me  Fish  Merchantable  26.  s.  per  Quintal  and  rising, 
and  now  it  is  28  s.  this  looks  as  if  the  Pile  of  Bills 
held  out  pretty  well.  I  my  self  can  tell  the  Men 
who  paid  Thirty  Pounds  a  Ton  for  Oil  last  Week, 


MASSACHUSETTS  BAY  305 

and  are  ready  to  do  so  again  this  Week.  If  Tarr 
and  Turpentine  lie  a  little  upon  hand,  it  is  only  be- 
cause our  Correspondents  abroad  write  us  that  they 
won't  answer  there.  In  short  my  Argument  in  the 
17th  Page  of  my  former  Letter  is  founded  upon 
the  matter  of  Fact.  I  believe  we  have  yet  Province 
Bills  enow  to  buy  up  all  the  Produce  of  the  Country 
fit  for  Exportation,  and  all  the  Silver  and  Gold  be- 
sides, because  we  have  seen  it  done  from  Year  to 
Year,  and  see  it  still  a  doing  every  Day.  However 
the  Gentleman  is  of  another  Opinion,  and  must  tell 
me  so,  tho'  he  gives  no  reason  for  it.  Now  whither 
his  Opinion  without  any  Reason,  or  my  Reason 
founded  on  daily  Observation  will  weigh  most,  I 
must  leave  to  others  to  judge.  For  my  own  part  I 
am  sensible  enough  that  if  there  be  no  more  Bills 
Emitted,  and  if  no  way  can  be  found  to  bring  and 
Keep  Silver  in  the  Country  again,  there  will  really 
be  a  pinching  Scarcity  of  Medium  in  Time :  but  as 
yet  I  have  never  met  with  any  good  Reason  to  think 
but  that  we  have  Province  Bills  enough  for  any 
thing  but  to  pay  Labourers  in  Boston,  and  Debts 
contracted  by  virtue  of  long  Credit. 

The  GentleTYian  seems  much  concerned  at  your 
touching  upon  the  Law  to  shorten  Credit,  &c.  I 
am  so  because  I  have  proved  that  the  Welfare  of 
the  Country  depends  upon  shortening  it  yet  more, 
and  that  doing  this  will  remedy  divers  Evils  which 
nothing  else  will. 

I  have  no  inclination  to  aggravate  Mr.  Colmans 
fault,  nor  to   incense    the    Goverment   against   his 


306  CURRENCY  FOR  THE 

Vindicator,  and  so  I  shall  make  no  Reflection  on 
what  follows  next  [9]  (which  it  may  be  some  will 
call  Amusement)  and  several  other  Passages  that 
look  the  same  way. 

Not  the  Plenty  of  Bills,  hut  the  Scarcity  of 
Returns  is  the  cause  of  Silver  and  Gold's  being 
bought  u])  and  ShipUl  off,  &c.  A  Strong  Argu- 
ment this  if  true,  for  shortening  Credit ;  for  we 
see  that  tho'  the  Providence  of  God  cut  our  short 
Returns,  yet  Traders  if  left  to  their  own  way  will 
continue  to  Import  as  much  as  ever.  By  this 
means  the  Silver  and  Gold  is  gone  already,  and  if 
Trusting  be  aUow'd  our  Lands  will  go  too  in  a  short 
time.  But  after  all  I  must  tell  the  Gentleman  that 
if  the  Merchants  had  not  Province  Bills  enough  to 
spare,  they  would  not  buy  Silver  and  Gold  with 
them.  For  he  and  every  Body  else  know  well 
enough  that  what  Men  stand  in  real  need  of  they 
value,  and  are  loth  to  part  with,  and  therefore  if 
the  Merchants  really  wanted  Province  Bills  to  carry 
on  their  Trade  so  much  as  he  pretends  they  would 
never  be  so  Prodigal  of  them. 

Again  is  our  Scarcity  of  Returns  Real  or  only 
Comparative  ?  If  only  Comparative  I  have  told  him 
already  how  that  came  to  pass  in  the  2d.  and  3d. 
Pages  of  my  former  Letter.  There  I  told  him  that 
when  the  Government  first  Emitted  Province  Bills, 
the  Traders  quickly  improved  the  Advantage  put 
into  their  hands  to  Import  Foreign  Commodities,  in 
far  greater  quantities  than  the  Produce  of  Country 
wou'd  make  Returns  for,  &c.    Thus  Returns  became 


MASSACHUSETTS  BAY  307 

Comparatively  Scarce,  and  so  Silver  and  Gold  was 
bought  up  with  the  Province  Bills,  and  Shipp'd 
off,  to  make  Returns  with.  But  this  is  an  Argu- 
ment, which  our  Author  (like  a  Wise  Man)  cared 
not  to  run  into,  and  therefore  tho't  it  nothing  to 
the  present  Case  ;  I  shall  not  therefore  pursue  him 
further  with  it. 

Our  Author  thinks  the  Scarcity  of  Returns  to  be 
Real,  and  tells  me  I  don't  consider  we  have  lost  our 
Bay  Trade.  I  confess  I  did  not  consider  it,  for  I 
knew  we  had  had  several  Vessels  from  the  Bay  this 
Year  already  ;  and  one  of  them  was  in  the  Harbour 
but  Last  Week.  But  I  consider 'd  that  the  Bay 
Trade  was  no  such  mighty  Article  [10]  as  he  pre- 
tends. The  Spaniards  have  always  in  tune  of  Peace, 
as  well  as  War,  given  us  all  the  Disturbance  they 
could  in  it. 

The  failing  of  our  Newfoundland  Trade  is  owing 
in  a  great  measure  to  the  failing  of  the  Fishery  there 
of  late  Years  ;  upon  which  account  the  Number  of 
People  is  much  diminisht,  and  consequently  their 
Demands  for  Provisions.  But  if  our  Trade  thither 
be  lessen'd  by  this  means,  yet  the  failure  of  the 
Fishery  there,  hath  brought  our  Fish  to  a  better 
Market. 

Our  Author  goes  on  to  tell  me.  That  the  Rea- 
son  Euroj)ean  Goods  are  so  high  of  late,  is,  (1.) 
Because  there  are  not  near  so  many  Imported 
as  formerly.  (2.)  The  Scarcity  of  Returns  helps 
also  to  keep  up  their  Prizes,  &c.  The  putting 
these  Two  Articles   so    near   together   hath  quite 


308  CURRENCY   FOR  THE 

niiii'd  all  the  Cause.  I  doubt  Men  of  hut  a  com- 
mon Understanding  will  be  vain  enough  to  im- 
agine they  see  an  inconsistency.  It  will  be  very 
natural  to  enquire,  if  the  Importation  be  so  small, 
how  come  Returns  to  be  so  scarce  ?  One  wou'd 
think  the  Produce  of  the  Country  might  well 
enough  answer  a  small  Importation.  What  need 
then  of  buying  Gold  and  Silver  too  to  help  ?  In 
short  let  the  Importation  be  greater  or  less,  if  it  be 
more  than  the  Produce  of  the  Country  alone  wiU 
make  Returns  for,  it  is  too  great  still  for  the  Wel- 
fare of  the  Country  ;  and  while  it  continues  so,  all 
the  fine  Projects  in  the  World  won't  bring  us  to 
see  Good  Days  again ;  for  how  is  it  possible  if  the 
Country  in  general  spends  more  than  it  can  pay  for? 

The  Gentleman  finds  fault  that  I  do  not  tell 
lohat  those  convenient  Seasons  are,  at  which  I  say 
a  Cry  is  made  THAT  THE  BILLS  ARE 
HOARDED,  &c.  I  will  tell  him  now  if  he  needs 
Information.  When  Measures  have  been  well  con- 
certed to  make  a  vigorous  Effort  for  a  Private  or  a 
Publick  Bank,  then  some  time  before  the  next  Ses- 
sion of  the  General  Assembly,  special  care  has  been 
taken  from  time  to  time  to  make  People  sensible  of 
all  their  Distresses.  Tho'  some  of  the  Distresses 
have  been  such  as  the  Body  of  the  Peo-[n]ple 
made  no  Complaint  of,  nor  tlio't  any  thing  about, 
'tiU  more  sensihle  Persons  put  them  in  mind  of 
them.  Among  other  Artifices  usual  at  such  times, 
People  have  been  told  that  the  Bills  are  hoarded. 

If  the  BiUs  are  indeed  hoarded,  I  could  not  im- 


MASSACHUSETTS  BAY  309 

agine  any  Men  under  so  much  Temptation  to  unfaii- 
Dealing  in  this  matter,  as  those  that  employ  a  great 
Number  of  Labourers,  for  the  Reason  given  in  my 
former  Letter,  Page  18,  19.  However,  I  am  far 
from  charging  them  with  it.  I  say  there  plainly, 
that  I  don't  know  that  any  such  Thing  hath  been 
practis'd.  If  our  Author  hath  found  another  Sett 
of  Men,  whom  he  knows  to  be  guilty,  I  have  no- 
thing to  plead  in  their  Excuse. 

I  shall  only  observe  a  Passage  which  to  me  (per- 
haps for  want  of  understanding,)  seems  to  be  an  in- 
consistency. He  tells  us  those  who  advance  the 
Price  of  Silver  and  Gold  hurt  us :  and  he  says 
very  true :  but  how  came  our  Author  to  be  of  this 
mind?  In  his  Great  Argument  for  a  Private  Bank, 
Page  5.  He  tells  us  that  it  is  and  always  will  he 
the  Interest  of  every  Private  Man  to  undervalue 
the  Puhlick  Bills  hy  Selling  his  Silver  to  the  high- 
est Bidder.  If  this  be  the  Interest  of  Every  Pri- 
vate Man,  then  it  is  the  Interest  of  the  Country  in 
General ;  for  all  the  Private  Persons  contain'd  in  it, 
will  make  up  the  whole  Country ;  How  then  could 
our  Author  think  Advancing  the  Price  of  Silver 
hurts  us  ?  Now  let  the  Reader  say  how  well  it 
becomes  a  Gentleman  who  writes  at  this  Extraordi- 
nary rate,  to  wish  others  to  write  pertinently,  and 
to  charge  them  with  Evasions,  Misrepresentations, 
Amusements  &  Trifling. 

In  the  next  Place  he  makes  himself  merry  with 
my  Project  to  leave  off  Trusting.  In  this  place 
(like  a  wise  Man)  I  shall  forbear  running  into  this 


310  CURRENCY  FOR  THE 

Argnment,  but  I  doubt  I  shall  be  playing  the  Fool 
again  before  I  have  done  my  Letter. 

The  Beasona  given  against  a  Private  Bank  I 
think  are  not  unansioerahle.  Iloioever  I  shall  not 
enter  upon  that  Argument,  &c.  Wisely  done ! 
Arguments  are  dangerous  Things.  When  a  Man 
don't  know  but  that  they  [12]  may  prove  unanswera- 
ble it  is  much  safest  to  let  them  alone.  But  perhaps 
the  Gentleman  may  wave  this  matter  for  the  pre- 
sent, hoping  it  will  again  be  driven  further,  at  a 
Convenient  Season,  where  (it  may  be)  he  thinks  I 
shall  not  be  present  to  defend  my  Reasons. 

A  Private  Bank  under  the  Inspection  of  the 
Government  ivou^l  not  he  liable  to  that  Objection, 
viz.  That  it  ivill  he  in  the  power  of  the  Bankers, 
to  accomp)lish  any  of  their  own  Private  Designs, 
&c.  I  believe  any  Man  that  duly  considers  the 
power  of  Money  to  byass  Men's  Thot's,  and  pervert 
their  Actions  will  be  of  another  mind. 

I  think  /  did  not  mis-understand  the  Proposal 
of  Fortfying,  &c.  For  where  People  are  Settled 
down  already,  it  soimds  pretty  odd  to  me,  to  talk  of 
Encouraging  them  to  sit  down.  Therefore  I  under- 
stood it  of  Settling  Places  as  yet  Unsettled.  But  be 
that  as  it  will ;  I  heartily  desire  that  what  is  already 
Settled  (under  the  direction  of  the  Government)  may 
be  well  protected.  If  any  great  matters  could  be 
done  at  raising  Provisions  in  the  Eastern  Country, 
it  would  be  a  great  Benefit  to  Boston,  for  Supj)lies 
may  be  brought  in  from  thence,  at  almost  any  time 
in  Winter,  which  cannot  be  done  from  Connecticut. 


MASSACHUSETTS  BAY  311 

However  I  hope  special  Care  will  be  taken  that  no 
Settlements  be  made,  without  the  Allowance  and 
Direction  of  the  Government :  for  if  People  may 
go  of  their  own  Heads,  and  Settle  where-ever  they 
claim  a  Right,  the  Eastern  Frontier  will  quickly  be 
so  Enlarged,  that  several  Thousand  Men  will  not  be 
enough  to  defend  it,  in  case  we  should  have  another 
Indian  War. 

The  Gentleman  hath  now  almost  done  with  me ; 
However,  I  shall  take  notice  of  a  few  Things  more 
in  him,  as  I  turn  him  over.  In  the  10th.  Page  he 
reckons  up  a  terrible  Catalogue  of  Evils,  that  will 
come  upon  us,  lohen  once  the  Bills  are  all  in.  To 
this  I  answer.  Do  but  leave  off  Trusting,  as  far  as  it 
may  he  left  well  enough,  and  Silver  will  come  in, 
and  stay  among  us,  to  succeed  the  Province  Bills  as 
they  are  gradually  caU'd  in.  I  shall  tell  how  this 
may  be  done  presently. 

[13]  In  his  11th.  Page  he  says  the  short  Answer 
in  the  News-Letter,  which  did  but  just  hint  at  things, 
gives  no  Instances  of  the  Mischiefs  a  Priviate  Bank 
would  involve  us  in.  I  desire  the  Gentleman  to 
look  back  to  the  6th  Page  of  my  former  Letter,  and 
read  it  carefully.  Then  let  him  turn  to  the  20th 
&  21st  Pages,  and  he  will  in  those  Three  Pages  (I 
hope)  find  mischiefs  enough  instanced  in.  When  he 
was  at  those  Places,  He  wisely  declined  entering 
upon  the  Argwnent,  yet  now  He  complains  that  we 
are  all  for  general  Terms  upon  this  Head,  and 
don't  care  to  descend  to  Particidars. 

But  what  cou'd  the  Gentleman  mean,  &c.    Page 


312  CURRENCY  FOR  THE 

12.  I  suppose  he  meant  that  Bridges,  Fortifications, 
&e.  are  great  and  exiJenswe  Works.  See  Distressed 
State,  pag.  8. 

In  his  13th.  Page,  He  tells  us  that  Country  People 
say  that  they  canH  improve  their  Lands  for  want 
of  Money  to  hire  Labourers,  &c.  I  think  he  tells 
us  elsewhere  that  he  hath  lately  traveVd  in  the  Coun- 
try. I  also  have  travel'd  in  the  Country,  and  liv'd 
in  it  too,  but  never  heard  this  Complaint  before.  I 
have  often  heard  in  many  parts  of  the  Country, 
from  very  intelligent  Persons,  that  it  was  an  hard 
matter  to  find  Labourers :  and  that  Labour  was  so 
dear,  that  it  turned  to  little  or  no  Account  to  im- 
prove their  Lands,  if  they  must  hire  Labour.  But  I 
never  heard  before  that  they  could  not  get  Money  to 
hire  Labourers  -vsath,  if  they  would  work  at  a  reason- 
able rate.  The  Gentlemen  of  our  General  Assembly 
will  be  the  proper  Judges  of  this  matter. 

I  heartily  join  with  the  Gentleman  in  his  wishes 
that  all  would  sincerely  study  the  PubHck  Good, 
and  that  Men  of  Wisdom,  Fidelity  and  an  Excellent 
Spirit  may  be  chosen  Counsellours ;  and  that  the 
Govern  our  and  General  Assembly  may  have  the 
Guidance  and  Blessing  of  Heaven  in  their  Consulta- 
tions for  our  Welfare 

Something  must  he  done,  or  the  Place  will  sink 
and  the  Trade  come  to  nothing,  &g.  I  question  not 
but  the  Case  of  Boston  is  really  very  bad,  but  how 
comes  it  to  be  so  ?  If  the  Gentleman  can  obtain  an 
Act  of  the  General  Assembly  to  crush  the  Foreign 
Trade  of  other  Towns  [J4]  in  this  Province,  which 


MASSACHUSETTS  BAY  313 

begins  now  to  grow  so  big ;  and  if  he  can  prevail  to 
have  Country  People  discouraged  from  making  their 
own  Cloaths  so  much  as  of  late  they  begin  to  do ; 
Boston  will  revive  it's  Trade,  without  the  help  of 
either  Private  or  Pub  lick  Bank.  But  after  all  I  hope 
and  believe  the  ruin  of  Boston  is  not  so  near,  as 
the  Gentleman  seems  to  apprehend.  The  Trade  of 
Boston  is  lessen'd  for  the  Reasons  just  hinted  at. 
And  I  suppose  as  the  Town  in  General,  so  particular 
Gentlemen  in  it  find  their  Business  contracted  con- 
siderably. Now  when  Men  find  their  Means  to  be 
growing  less  than  they  have  sometimes  been  (tho' 
they  may  be  like  to  be  sufficient  still,  to  live  very  well 
upon)  yet  (I  say  in  such  a  Case)  they  are  very  apt  to 
be  in  a  Fright  and  to  think  Poverty  and  Ruin  are 
coming  upon  them  like  an  Armed  Man.  And  I  be- 
Heve  this  is  pretty  much  the  present  Case  of  Boston. 
The  Gentleman  returns  at  length  once  more  to  me, 
and  with  great  Sagacit  j  perceives  that  all  I  drive  at 
is,  only  that  by  calling  in  the  Bills  some  Men  may 
have  an  Oj^portunity  to  get  their  Neighbours  Lands 
at  half  Value,  &c.  I  have  told  him  in  my  former 
Letter,  page  18.  that  such  a  Thing  will  never  be 
effected.  But  I  shall  take  this  occasion  to  Explain 
that  matter  a  little  more.  If  any  Men  let  their  Pro- 
vince Bills  lie  by  them  unimproved,  in  expectation 
that  the  Scarcity  of  them,  will  in  a  while  raise  their 
Value  equal  to  Silver,  I  dare  not  charge  them  for  it, 
with  the  Sin  of  Ahab  in  the  matter  of  Naboths 
Vineyard,  because  the  Bills  really  ought  to  be  in 
value  equal  to  Silver,  as  the  Inscription  of  them  tells 


314  CURRENCY   FOR  THE 

us  tlu'V  shall  be  ;  and  every  Possessor  of  them  is 
more  or  less  a  siitferer  in  that  in  Fact  they  are  not 
so.  But  who  the  Men  are  that  may  be  like  to  do 
thus  by  any  great  quantities  of  the  Bills  I  can't  pre- 
tend to  guess.  I  can  truly  clear  my  self,  and  say  that 
the  few  I  have  are  imploy'd  in  Trade.  And  the 
Gentlemen  in  Trade  I  believe  will  Generally  deny 
themselves  to  be  hoarders.  As  for  the  Gentlemen 
that  Let  their  Money  at  Interest,  I  can  see  no  Policy 
in  their  Letting  their  Bills  lie  unimproved  neither. 
For  by  [J 5]  Letting  them  out  they  increase  their 
number,  and  so  will  have  more  to  make  an  Advan- 
tage of,  if  an  Opportunity  should  present.  Thus 
because  I  could  never  see  whose  Interest  it  was  to 
hoard  the  Bills,  I  have  taken  the  Cry  about  it,  to  be 
only  a  Stratagem  to  create  Discontent  and  Animosi- 
ties among  the  People,  and  so  promote  some  Politick 
Designs. 

But  suppose  I  am  mistaken  in  this,  and  some  Men 
really  do  hoard  Bills  expecting  to  make  an  Advan- 
tage of  it,  yet  they  will  never  get  their  Neighbours 
Lands  at  half  Value.  A  Scarcity  of  Bills  may  pos- 
sibly raise  their  Value  equal  to  Silver,  and  no  Body 
will  be  wrong' d  by  this,  for  this  is  the  Value  they 
ought  to  go  at.  But  if  it  once  comes  to  this,  the 
Man  hath  a  mind  to  think  hardly  of  the  Govern- 
ment, who  won't  believe  that  it  will  admit  Mort- 
gages to  be  redeemed  and  Taxes  to  be  paid  in  the 
Produce  of  the  Country  or  in  Silver.  In  Silver 
(I  say)  for  I  hope  before  that  Day,  it  will  begin  to 
stay,  and  to  pass  from  Man  to  Man  in  the  Country. 


MASSACHUSETTS  BAY  315 

I  return  therefore  according  to  promise  to  my 
proposal  about  the  Limitation  of  Credit,  and  indeed 
had  it  not  been  for  for  the  sake  of  Explaining  my 
tho'ts  better  about  that  matter,  I  should  hardly  have 
given  my  self  or  you  the  trouble  of  this  Second 
Letter.  I  understand  that  I  have  been  mistaken  to 
intend  that  no  Credit  at  all  shou'd  be  given,  because 
I  have  expressed  my  self  in  too  strong  terms  in  one 
or  two  places  ;  tho'  afterwards  I  speak  only  of  short- 
ening it  as  much  as  possible. 

I  am  sensible  that  some  Credit  is  absolutely  neces- 
sary among  Traders.  And  indeed  if  it  were  prac- 
ticable to  make  such  a  difference,  it  wou'd  answer 
all  the  Ends,  if  Credit  were  forbidden  only  to  the 
Consumers  of  Foreign  Commodities.  For  if  the 
Consumers  are  not  Trusted,  then  none  of  them  can 
spend  more  than  they  can  Earn.  And  if  some  of 
them  wont  spend  so  much,  then  all  things  will  fol- 
low of  course  (as  is  argued  in  the  10,  11,  and  12. 
pages  of  my  former  Letter)  let  the  Traders  carry 
on  how  they  will  among  themselves.  But  to  make 
such  a  difference  is  impracticable,  because  Traders 
themselves  [16]  are  generally  some  of  the  greatest 
Consumers,  and  because  a  Thousand  Shifts  would 
soon  be  found  to  Evade  the  Law,  which  no  precau- 
tions could  sufficiently  provide  against. 

As  to  the  Time  it  might  be  proper  to  restrain 
Credit  to,  I  am  assured  that  some  Substantial  Traders 
in  the  Town  (who  have  as  great  Payments  to  make 
as  almost  any  Men  in  New  England)  think  it  might 
well  enough  be  Limitted  to  Six  Months,  but  sup- 


316  CURRENCY   FOR  THE 

posing  it  were  allow'd  to  run  to  Nine,  or  even  to 
Twelve,  and  stop  there,  I  believe  it  would  have  all 
the  desired  Effects.  For  as  the  Law  wou'd  not 
allow  it's  running  beyond  that  time,  so  the  general 
practice  wou'd  restrain  it  to  something  shorter  Lim- 
its. And  if  it  were  restrained  in  the  way  I  shall 
propose  presently,  the  natural  operation  of  the  thing 
wou'd  be  such,  that  Trusting  wou'd  become  daily 
more  and  more  disused.  And  the  less  Trusting 
shall  be  practised,  the  better  Cii-culation  what  Money 
we  have  will  be  put  into,  and  so  there  will  be  the 
less  need  or  temptation  to  Trust. 

I  don't  propose  that  an  Act  to  shorten  Credit 
shou'd  have  regard  to  any  thing  that  is  past,  but  only 
that  it  should  look  forward  to  such  Debts  as  shall  be 
contracted  after  the  passing  such  an  Act.  However, 
even  so  I  know  it  will  be  a  very  ungratefuProposal 
to  most  Gentlemen  that  have  ah-eady  entangled  their 
Affairs,  or  that  are  going  upon  vast  Undertakings, 
or  that  are  Ambitious  and  Resolved  to  Extend  their 
Trade  and  Encrease  the  Importation  of  Foreign 
Commodities  by  all  ways  possible,  whither  their 
Country  sinks  or  swims  ;  but  I  earnestly  desire  that 
all  others,  and  even  such  as  these,  so  far  as  they 
can  forego  their  present  private  Interest  for  the  Pub- 
lick  Good,  in  expectation  of  prospering  together 
with  the  Pubhck  hereafter,  would  consider  deliber- 
ately the  certainty  and  safety  of  the  Proposal. 

For  to  see  the  certainty  of  the  good  Effects  of 
shortening  Credit,  please  to  look  again  on  the  10, 
11,  12,  &  13.  pages  of  my  former  Letter. 


MASSACHUSETTS  BAY  317 

As  to  the  safety  of  the  Proposal  I  think  no  Man 
can  [17]  doubt  of  this:  whereas  both  the  PubHck 
and  Private  Projects  which  have  hitherto  been  set 
on  foot  (considering  the  dependent  State  of  this 
Country)  have  always  been  thought  by  many  wise 
Men,  hable  to  very  dangerous  Consequences.  It 
were  easy  to  instance  in  Particulars  :  but  I  forbear, 
partly  because  it  would  swell  this  Letter  too  much, 
but  principally  because  I  wou'd  not  put  an  Argu- 
ment against  us  for  what  hath  been  done  already 
into  any  Man's  mouth. 

But  how  shall  Trusting  be  restrain'd  in  a  natural 
and  easy  way  ?  Why,  supposing  it  be  done  Effectu- 
ally it  matters  not  much  what  safe  way  it  is  done  in. 
However  till  some  better  way  be  tho't  on  I  humbly 
propose  that  after  a  Debt  hath  been  contracted  so 
long  as  the  Law  shall  direct,  Ten  per  Cent.  Interest 
should  be  allow'd  till  it  be  paid. 

I  believe  Sir,  you  start  at  the  Proposal,  and  think 
it  the  most  unhappy  one  I  could  have  hit  on.  But 
if  you  can  have  patience  deliberately  and  calmly 
to  read  and  weigh  what  I  have  to  say  upon  it,  I 
flatter  my  self  that  before  you  have  done,  you  won't 
think  it  a  thing  so  Unreasonable  and  Formidable,  as 
very  likely  it  will  appear  to  most  Men  at  the  first 
glance. 

For  first,  it  is  no  unreasonable  Favour  to  the 
Trader,  who  had  rather  have  his  Money  to  improve, 
than  have  it  lying  out,  tho'  at  Ten  per  Cent  Interest. 

And  secondly  the  intention  of  such  a  Law,  is  not 
to  give  Ten  per  Cent  Interest  to  the  Seller,  but  to 


318  CURRENCY  FOR  THE 

prevent  the  Buyer's  ruuniiig  farther  into  Debt  than 
he  sees  any  way  of  getting  out  again,  in  a  reasonable 
time.  Now  why  any  wise  and  honest  Man  should 
desire  to  do  thus  or  should  think  himself  wrong'd 
by  being  discouraged  from  it  I  can't  well  imagine. 

Besides  'tis  certain  no  Law  is  too  severe  &  strict, 
that  does  but  just  attain  the  Good  End  for  which  it 
was  Enacted.  Now  if  it  be  plain  that  continuing  to 
Trust  one  another  as  we  have  done  for  many  Years 
past  will  unavoidably  ruin  the  Country  in  a  short 
time  (which  may  easily  be  demonstrated  if  it  be  not 
sufficiently  done  already  in  my  former  [18]  Letter) 
thence  it  necessarily  follows,  that  if  Ten  per  Cent. 
Interest  won't  put  an  Effectual  stop  to  this  practice, 
then  such  a  Law  wou'd  really  not  be  severe  enough, 
but  the  Interest  ought  to  be  encreased  (provided  no 
better  Remedy  can  be  found)  rather  than  the  Coun- 
try should  be  ruin'd.  But  if  upon  Trial  allowing 
such  an  Interest  for  Book  Debts  be  found  Effectu- 
ally to  stop  Trusting  and  Running  into  Debt ;  then 
supposing  even  Fifty  per  Cent  Interest  were  allow'd 
no  body  would  be  hurt  by  it,  because  every  Body 
would  keep  clear  of  the  danger  of  being  obliged  to 
pay  it. 

But  indeed  the  natural  and  necessary  Operation 
of  the  Thing  would  be  such,  that  if  Ten  per  Cent 
Interest  were  allow'd  by  Law  for  Book  Debts,  it 
wou'd  certainly  put  an  effectual  stop  to  Trusting 
among  aU  Wise  and  Honest  Men  ;  and  so  none  but 
Knaves  and  Fools  cou'd  possibly  be  in  danger  by  it. 
And  'tis  highly  probable  that  the  former  of  these 


MASSACHUSETTS  BAY  319 

wou'd  be  kept  more  Honest  and  the  latter  be  made 
wiser  by  the  Terror  of  it. 

For  the  Buyer  that  would  he  m  Debt  at  the  loss 
of  Ten  per  Cent  Interest,  rather  than  borrow  at  Six 
per  Cent  to  pay  his  Debt,  such  a  Buyer  (I  say) 
wou'd  by  his  Creditor  immediately  be  tho't  a  Fool 
or  a  Knave,  or  one  that  cou'd  not  obtain  Credit 
enough  to  be  Trusted  with  Money  at  Interest,  ther- 
fore  the  Creditor  wou'd  never  venture  to  let  a  Debt 
He  in  such  a  Man's  hands  but  wou'd  immediately 
Demand  it  of  him,  and  force  him  to  a  Payment. 

On  the  other  hand  if  the  Seller  to  eneourao^e 
taking  a  large  quantity  of  Goods  off  his  hands, 
should  promise  the  Buyer,  to  Trust  him  a  Year  or 
two  beyond  the  time  fixt  by  Law,  without  demand- 
ing any  Interest,  yet  no  wise  Man  would  venture  to 
lie  in  Debt  upon  this  encouragement.  For  tho'  he 
may  firmly  believe  his  Creditor,  to  be  a  Man  of  his 
Word,  yet  since  he  knows  not  how  soon  he  may  be 
taken  away  by  Death,  therefore  he  can't  be  safe 
after  the  time  prescribed  by  Law  is  expired ;  because 
if  his  Creditor  should  die  suddenly,  he  hath  no 
security  that  those  who  succeed  him,  won't  take  the 
Ad-[I9]vantage  which  the  Law  gives  them.  For  it 
can't  be  suppos'd  that  a  Creditor  who  hath  his  Eyes 
in  his  head,  will  ordinarily  venture  by  an  Instrument 
under  his  hand,  to  put  it  out  of  his  own  and  his  Suc- 
cessors power,  to  demand  a  Debt,  whatever  neces- 
sity for  it  may  happen  to  arise,  either  from  his  own 
or  his  Debtors  Circumstances.  Now  unless  it  be 
put  out  of  the  Creditor's  power  to  Demand  it ;  the 


320  CURRENCY  FOR  THE 

Debtor  can't  be  secure,  that  the  Advantage  of  the 
Law  won't  be  taken. 

Again  the  Merchant  who  Sells  large  quantities  of 
Goods  at  once  to  the  ShopKeeper  may  very  conven- 
iently take  the  Benefit  of  the  Law,  and  demand 
Interest  of  the  Shopkeeper,  if  he  lies  in  his  Debt 
after  the  Expiration  of  the  set  time.  But  the  Shop- 
keeper who  Retails  small  parcels  of  Goods,  at  sundry 
times,  to  many  Persons,  scattered  up  and  down  the 
Country,  and  some  of  them  in  other  Provinces  too ; 
will  find  so  much  vexation,  perplexity,  and  imprac- 
ticableness  in  Demanding  Interest  of  these  Con- 
sumers for  their  petty  Debts,  at  sundry  times  con- 
tracted ;  that  being  himself  so  Obnoxious  to  the 
Merchant  (as  is  said  before)  he  will  certainly  never 
dare  to  trust  any  Body,  but  will  sell  only  for  ready 
Money.  Now  if  the  Shopkeeper  takes  ready  Money 
for  all  he  sells,  he  can  then  as  well  pay  the  Mer- 
chant as  not ;  unless  he  is  so  fooHsh  as  to  spend  more 
in  his  Family  than  his  Advance  upon  his  Goods  will 
answer  for.  And  if  he  does  so,  he  will  soon  ruin 
himself,  whither  he  pays  Interest  or  not. 

From  these  Things  it  seems  plain,  that  if  a  Law 
to  allow  such  Interest  were  Enacted,  it  would  com- 
pleatly  attain  its  end,  to  put  an  effectual  stop  to 
Trusting,  in  such  a  natural  and  necessary  way,  that 
hardly  any  Body  wou'd  ever  come  to  suffer  the 
Penalty  of  it.  And  then  certainly  no  Body  hath 
any  reason  to  fear  it. 

"  Upon  the  whole.  Extravagant  Importing  and 
"  spending  upon  Foreign  Commodities  hath  undone 


MASSACHUSETTS   BAY  321 

"  us,  &  wou'd  soon  impoverish  the  best  Country  in 
"  the  World.  Extravagant  Trusting  hath  made  way 
"  for  the  practice  of  these  Evils.  The  General 
"  Court  cannot  take  away  the  inclination  of  the 
"  People  to  such  Extravagancies ;  [20]  this  is  the 
"  work  of  God.  But  inasmuch  as  it  is  in  their 
"power  to  shorten  Credit,  so  as  to  put  a  stop  to 
"  the  practice  of  them,  it  is  in  their  power  to  save 
"  this  People  if  they  please. 

I  know  that  the  Proposal  of  shortening  Credit 
still  more  than  it  is  already,  will  be  very  ungrateful 
to  many  People  :  But  yet  I  am  so  satisfied  of  the 
safety  of  it  above  other  Projects,  and  the  good 
Effect  it  would  quickly  have  upon  us,  that  I  could 
not  choose  but  communicate  my  tho'ts  upon  this 
matter,  and  wish  that  they  may  take  place.  How- 
ever as  is  intimated  in  the  beginning  of  this  Letter, 
I  have  had  some  other  tho'ts  of  another  nature, 
which  I  know  wou'd  be  abundantly  more  grateful 
to  the  Town,  and  I  hope  not  Unsafe  nor  Impracti- 
cable :  These  I  intend  in  a  short  time  (if  nothing 
unexpected  prevents  me)  to  put  into  Order,  and  if 
there  be  Occasion  offer  them  to  the  Publick  View. 

I  am,  dfc. 
May  24th.  1720. 


FINIS. 


322    CURRENCY  FOR  THE  MASSACHUSETTS  BAT 

[12ino,  20  pp.  Tliis  pamphlet  was  wi-itten  by  the  author 
of  "  A  Letter  from  One  in  the  Country  to  his  Friend  in  Boston, 
containing  some  Remarks,"  etc.  Sabin  apparently  was  satis- 
lied  that  the  latter  was  by  E[dward]  Wigglesworth.  Sabin's 
"  Dictionary  "  was  issued  in  numbers,  beginning  with  the 
letter  A.  The  letter  V  was  not  reached,  but  among  the  au- 
thor's notes  was  the  title  of  "  A  Vindication,"  etc.,  and  attached 
to  it  a  slip  cut  from  a  sale  catalogue  attributing  this  pamphlet 
to  "  Mr  Wigglesworth."  It  may  be  added  that  the  authorship 
of  "  Country-Man's  Answer,  to  a  Letter  Intituled  The  Distressed 
State  of  the  Town  0/ Boston  Considered,'^  which  was  published 
April  18,  1720,  in  the  "  News-Letter,"  was  evidently  attributed 
by  the  controversialists  of  the  day  to  the  writer  of  this  pam- 
phlet. 

The  method  of  answering  the  pamphlet  of  his  adversary  para- 
graph by  paragraph,  and  of  putting  the  quotations  in  italics,  in- 
stead of  using  quotation  marks,  characterizes  the  "  Letter  from 
one  in  the  Country,"  etc.,  as  well  as  the  "Vindication,"  etc. 

The  copy  of  the  pamphlet  and  the  facsimile  of  the  title-page 
were  obtained  through  the  courtesy  of  the  Boston  Public  Li- 
brary.] 


Reflections 
On  the  Present  State 

OF    THE 
Province  of  Pia^mW^tU^aH 

in  General, 

And  Town  of   BOSTON 
in  Particular; 

Relating  to 

iStUsofCretitt 

And  the  Support  of 

TRADE 

by  Them : 

As  the  same  has  been  lately  represented  in 
several  PAMPHLETS. 


New  England:  Printed  for  and  Sold  by 
Benjamin  Eliot  &  Daniel  HencJiman,  at 
their  Shops  in  Boston.     1720. 


324  CURRENCY   FOR  THE 

[3] 


mi"^^ 


ylSvv 


[July  2.  1720. 


SIB. 

IHave  Read  the  Account  you  sent  me  of  the 
State  of  your  Town  of  Boston,  (which  in 
many  particulars,  agrees  to  the  whole  Pro- 
^4nce,  as  well  as  to  your  Town,  &  may 
indeed  be  considered  as  the  State  of  JYeio- 
England  in  General.)  The  late  Pamphlets 
on  that  Subject  discover  plainly  eno'  the 
distressing  Circumstances  we  are  fallen  into,  tho' 
I  don't  perceive  they  have  been  at  all  Successful  to 
reheve  us  in  the  great  thing  complained  of,  viz. 
The  want  of  a  sufficient  Medium  to  carry  on  the 
Trade,  of  the  Town  and  Country;  But  on  the  con- 
trary, what  was  suggested  in  them  for  that  end,  has 
produced  a  quite  different  Effect,  and  occasioned 
much  Contention. 

It  is  unhappy,  when  Persons  who  are  concern'd 
in  one  common  Distress,  can't  consult  their  own 
Interest,  and  declare  their  Minds  freely  upon  it,  with- 
out o'ivinof  Offence  to  one  another.  And  when  men 
suffer  themselves  to  be  thus  put  out  of  Temper,  they 
are  in  no  good  Condition  either  to  give  or  to  take 
Counsel. 

The  Gentlemen  who  have  Printed  their  Thoughts 
on  this  Occasion,  do  (as  far  as  I  can  discern)  desire 
to  see  their  Country  in  a  flourishing  Trade,  &  Pros- 


Keflections 
-  On  the  Prefent  State- 

O  F    T  H  E 

Province  of ^afTacijllfct^JSa^ 

in  General, 

And  Town  of  B  O  S  T  O  N 
in  Particular ; 

Relating  to 

»ill0oecteirit 

And  the  Support  of 

TRADE 

by  Them : 

As  ihe  fame  has  been  lately  reprefented  rn 
fcveral  ?AM?HLE TS- 


New  England  :  Printed  for  and  Sold  by 
Benjamin  Eliot  &  Ddniel  Henchman^  at 
their  Shops  in  BfHon.   1710. 

W'W  (•'/v  ^•y^  1 


MASSACHUSETTS   BAY  325 

perous  ConditioDj  as  they  have  seen  it  formerly ; 
They  differ  indeed  in  their  Conjectures  about  the 
Measures  proper  to  be  taken  at  this  Juncture  for 
this  End  ;  But  its  much  to  be  Lamented,  that  Gen- 
tlemen who  desire  the  good  of  their  Country,  can't 
declare  their  differing  sentiments,  about  the  best 
Means  to  promote  it,  without  falling  under  the  Dis- 
pleasure of  those  whom  they  [4]  study  to  serve. 
This  tends  to  Discourage  our  best  Friends  from 
lending  us  their  Assistance  when  we  want  it  most. 
If  a  man  that  candidly  speaks  his  Mind,  &  declares 
what  he  Judges  fittest  to  be  done,  under  any  Diffi- 
culty, which  he  suffers  in  common  with  others,  must 
for  that  reason  be  treated  with  Disrespect  and  Anger, 
he'l  be  tempted  to  conclude  its  much  better  for  him, 
to  sustain  his  share  of  the  Calamity,  in  Silence. 

As  far  as  I  am  able  to  observe,  from  what  has  been 
Published  relating  to  the  Relief  so  much  desired, 
the  principal  Controversy  in  this  Matter,  is,  whether 
the  Emitting  more  Bills  of  Credit,  or  the  calling  in 
those  that  are  Extant,  will  best  answer  that  end  ? 

Some  are  of  Opinion  that  the  Emitting  of  more 
Bills,  either  by  the  Publick,  or  by  Private  Under- 
takers, would  be  the  properest  way  to  revive  our 
Trade,  and  recover  us  out  of  our  present  Languish- 
ing Circumstances : 

Others,  on  the  contrary,  are  of  Opinion,  that  the 
Emitting  of  more  Bills  in  such  manner,  would  cer- 
tainly Augment  our  Distress ;  and  they  are  there- 
fore for  calling  in  those  that  are  out,  as  soon  as  may 
be;  and  Emitting  no  more. 


326  CURRENCY  FOR  THE 

And  each  Party,  tenaciously  adhearing  to  their 
own  Sentiments,  and  firmly  believing  their  own 
Method  the  Properest,  to  Extricate  us  out  of  our 
present  Difficulties,  are  under  strong  Temptations  to 
look  on  all  that  oppose  their  several  Schemes,  as 
Obstructions  of  the  Publick  Good,  and  treat  them  ac- 
cordingly. While  they  themselves  also,  at  the  same 
time,  are  requited  v^ith  the  same  hard  Measure. 

But  this  Anger  is  I  think  Unreasonable,  &  with- 
out any  just  Occasion  ;  for  although  these  Opinions 
seem  Repugnant,  yet  if  we  could  be  perswaded  to 
consider  them  (&  the  reasons  by  which  they  are  sup- 
ported) [5]  calmly,  and  be  cool  in  our  Reflections 
upon  them,  we  might  probably  find  a  way  to  Recon- 
cile them,  &  shew  how  they  may  be  understood  & 
improved  to  that  Common  Good,  which  both  parties 
aim  at ;  &  even  perswade  the  Dissenting  Gentlemen 
themselves  to  be  of  one  mind,  in  the  manner  of  pro- 
moting it. 

This  is  what  I  truly  desire.  Tho'  I  must  confess 
I  should  be  loth  to  write  my  mind  so  freely  on  this 
Subject,  if  I  were  not  well  assured  of  your  Candour. 
Who  ever  undertakes  the  part  of  a  Mediator,  where 
the  Contention  between  the  Parties  is  at  all  warm, 
may  expect  to  be  encountred  with  Prejudices  from 
both  sides  ;  But  I  fear  nothing  of  such  a  Kind, 
from  a  Gentleman  of  Your  Wisdom  and  Temper.  I 
am  satisfied  that  whatever  Favour  You  have  for 
either  of  these  Opinions,  it  will  not  be  unacceptable 
to  You,  to  see  that  a  good  Use  may  be  made  of  of 
them  both ; 


MASSACHUSETTS  BAY  327 

And  this  is  what  I  aim  at ;  My  Design  is  to  avoid 
entirely,  what  may  appear  in  the  form  of  Opposition, 
or  tend  to  overset  either  of  these  differing  Opinions, 
and  only  to  consider.  Whether  there  are  not  certain 
Principles  which  both  Parties  will  agree  to,  and 
which  may  well  be  Improved  to  unite  them  firmly  in 
one  and  the  same  Measure,  for  promoting  the  Pub- 
lick  Interest. 

And  if  it  should  prove  that  I  am  mistaken  in  my 
Thoughts,  or  deceived  in  my  Hopes,  yet  to  attempt 
what  is  so  Desireable,  as  it  can't  give  any  just  ground 
of  Offence  to  any,  so  I  am  sure,  it  will  never  be  taken 
so  by  You. 

I  shall  therefore  observe  here  a  few  things,  which 
I  take  to  be  beyopd  Dispute  &  serviceable  to  the 
end  which  I  propose,  and  submit  them  to  your  bet- 
ter Judgment. 

[6]  In  the  first  Place  It  will  easily  be  granted,  that 

Trade  or  Commerce  is  necessary  to  a  peoples 
Prosperity,  or  Flourishing  in  the  World.  This, 
some  of  your  late  Writers,  lay  much  weight  on  ; 
from  hence  they  urge  the  necessity  of  being  pro- 
vided with  a  Medium  for  carrying  it  on  ;  And  if 
others  seem  to  speak  of  Trade  as  a  Disadvantage  to 
us,  it  must  be  understood  only  with  respect  to  some 
Circumstances  which  attend  ours  in  particular,  as, 
(for  Instance)  our  carrying  it  to  a  degree  beyond 
what  we  are  able  to  manage  ;  Which  is  as  I  sup- 
pose, what  they  mean  by  our  Overtrading ;  Or  our 
giving  too  long  a  Credit,  whereby  people  that  are 
never  like  to  Pay,  are  Tempted  to  run  in  Debt :  Or 


328  CURRENCY  FOR  THE 

because  its  Managed  mostly  by  a  Credit,  which  is 
not  Supported  as  it  ought  to  be ;  and  is  therefore 
variable,  and  raised  or  depressed  as  Managers  hap- 
pen to  meet  with  Chapmen.  But  it  would  be  un- 
fair to  understand  them  as  real  Enemies  to  our 
Commerce. 

No  Country  has  within  it  self  every  thing  Useful 
and  conducive  to  the  common  Flourishing;  and  Pros- 
perity  of  its  Inhabitants.  Many  things  will  be 
wanting,  especially  in  new  Settlements  (as  ours  may 
in  many  Regards  be  considered)  for  the  Subsistence 
and  Comfort  of  Persons,  which  things  must  be  sup- 
plyed  from  other  Places ;  and  that  supply  must 
ordinarily  be  by  Trade. 

And  the  same  holds  true,  of  persons  in  the  same 
Country,  who  by  the  means  of  Commerce  must  sup- 
ply each  other,  with  what  one  wants  and  another 
has :  Providence  has  so  Establish'd  the  State  of 
Mankind,  that  the  World  in  General,  or  any  par- 
ticular Country  in  special,  can't  Flourish  and  be 
Prosperous,  without  such  a  mutual  Communication 
of  Goods,  or  Useful  Commodities. 

[7]  Again, 

To  the  carrying  on  this  necessary  Commerce, 
some  proper  Medium  must  be  made  use  of.  It  is 
not  absolutely  Impossible  but  that  it  may  be  done 
by  Barter,  or  exchanging  of  one  Commodity  for 
another;  but  since  the  Invention  of  Money,  that 
method  has  been  much  laid  aside ;  and  Money  has 
been  Universally  Received  &  Improved,  as  the  (most 
suitable)  Medium  for  carrying  on  of  Trade,  between 


MASSACHUSETTS  BAY  329 

Persons  &  Countries.  This  I  think  is  a  Point  un- 
controverted.  That  steady  value  which  the  general 
esteem  of  Men  has  put  upon  Silver,  (Intrinsecally 
considered)  and  its  aptness  to  be  formed  (as  it  has 
been  by  Authority,)  into  suitable  pieces,  of  greater 
and  lesser  Quantities,  and  those  of  a  Determmate 
Value,  easy  to  be  known,  has  rendred  it  the  most 
agreeable  Medium,  by  which  to  rate  the  Value  of 
all  Merchandize,  and  to  be  made  use  of  in  purchas- 
ing the  same.     And  'tis  as  unquestionable,  that 

The  Trade  of  any  Country  must  be  supported 
by  the  Produce  of  it.  The  only  solid  Foundation 
which  any  Country  has  to  erect  a  Trade  upon,  are 
such  Commodities  as  may  be  spared  from  their  own 
Occasions,  and  exported  to  supply  the  Wants  of 
other  Places.  Whether  those  Commodities  are  of 
the  Growth  or  Produce  of  such  Country,  or  im- 
ported from  other  Countries,  at  such  a  cheap  rate, 
that  they  may  be  exported  again  &  Sold  to  Ad- 


vantage. 


But  generally.  The  Trade  of  any  Country  is  sup- 
ported by  its  own  proper  Produce,  i.  e.  By  such 
Effects  as  are  raised,  or  Manufactures  which  are 
wrought  therein.     And  its  no  less  certain, 

[8]  That, 

Whatever  Trade  is  Managed  in  any  Country  to 
Advantage^  the  Export  must  exceed  the  Import. 
When  the  Produce  of  any  Country  is  so  consider- 
able that  the  Exportation  of  it,  exceeds  the  Value 
of  what  Goods  are  Imported  from  other  Places,  and 
consumed  in  it,  such  Country  will  have  that  Over- 


330  CURRENCY  FOR  THE 

plus,  or  Ballance  of  its  Trade  in  Cash.  When  our 
Grain,  Provision,  Furr,  Lumber,  Fish,  or  any  kind 
of  Manufacture,  or  what  we  can  raise  either  on  the 
Land,  or  out  of  the  Water,  and  can  export  to  other 
Parts,  exceeds  in  Value  all  the  Goods  from  other 
Places,  which  we  have  Occasion  to  Buy  and  Con- 
sume, the  Ballance  of  Trade  will  be  so  much  in 
Cash  to  our  Advantage.  On  the  contrary.  When 
the  Import  is  more  in  Value  than  our  Export,  the 
Balance  Avill  be  to  our  Disadvantage,  so  much  as 
that  exceeds  this ;  If  we  want  European  or  any 
other  Goods,  in  such  a  Degree,  that  aU  the  Produce 
of  our  Country,  which  we  can  spare,  is  not  Equiva- 
lent to  it,  we  shall  be  so  much  more  in  Debt,  than 
we  can  Pay  with  our  Produce  ;  And  this  BaUance 
must  be  Paid  in  Money. 

I  may  here  also  Observe,  That 

The  Medium  of  Trade^  does  Naturally  follow 
Trade,  and  is  Gained  by  it.  Such  Counti-ies  as 
can't  Produce  the  matter  of  this  Medium,  viz.  Silver, 
out  of  their  own  Bowels,  have  ordinarily  no  way  to 
supply  themselves  with  it,  but  by  their  own  Pro- 
duce. And  when  any  Country  can  afford  the  Com- 
modities, wanted  in  other  Places,  at  such  a  Rate, 
that  those  who  Improve  themselves  in  Trade,  can 
purchase  them  with  Money  and  Export  them  to 
Advantage,  their  own  Interest  wiU  put  [9]  them 
upon  bringing  Money  into  such  a  Coimtry  for  that 
end. 

And, 

The  Medium  of  Trade,  or  Money,  thus  brought 


MASSACHUSETTS  BAY  331 

into  a  Country,  will  remain  there  in  a  Sufficient 
Plenty  for  its  ordinary  Occasions,  so  long  as  the 
Ballance  of  their  Trade  is  in  their  Favour,  L  e.  So 
long  as  such  Country  does  not  Purchase  and  Con- 
sume more  forreign  Goods,  than  it  Vends  of  its 
own. 

And  hence  it  follows,  That 

The  Diligence  and  Frugality  of  a  People,  is 
Necessary  to  Preserve  the  Trade  of  any  Country, 
in  such  a  State  of  Advantage  to  themselves.  No 
Country  can  hope  to  be  in  a  Flourishing  Condition, 
when  the  People  of  it  are  not  Diligent  in  their 
Business,  or  don't  govern  themselves  as  to  their 
Expences,  so  as  not  to  exceed  their  Produce  or  In- 
come ;  for  so  much  as  they  exceed  that,  they  will 
be  in  Debt :  and  that  Debt  may  in  time  exceed  the 
value  even  of  their  Real  Estates,  &  Reduce  them 
to  be  worse  than  nothing.  This  shews,  that  the 
Discourse  of  those  Gentlemen,  who  are  for  re- 
trenching our  needless  Extravagant  Expences,  as 
one  necessary  part  of  the  Project,  to  remedy  our 
present  Distress,  is  very  reasonable.  Nothing  can 
be  more  Obvious,  than  that  those  whose  Expences 
are  greater  than  their  Gains  must  needs  in  time 
be  Reduced  to  Penury  ;  though  the  best  Medium 
of  Trade  be  never  so  Plenty  among  them.  We 
[JO]  ought  therefore  to  consider,  what  our  diligent 
Labour,  and  good  Husbandry  will  afford  us,  and  be 
sure  to  keep  within  those  Bounds,  in  our  Apparel, 
Buildings,  Tables,  Funerals,  and  every  Article  of 
Expence.     For  if  by  any  Methods  we  spend  more 


332  CURRENCY   FOR  THE 

than  wo  Gain,  we  are  not  like  to  escape  the  Distresses 
of  Poverty. 

It  must  he  considered  also,  That 

A  Diligent  and  Frugal  People  may  sometimes 
be  in  great  want  of  Money.  Their  Cii'ciimstances 
may  be  such,  that  their  Interest  and  Preservation 
may  demand  on  a  Sudden,  a  greater  Sum,  than  they 
can  possibly  furnish  themselves  with  at  the  time. 
So  it  sometimes  happens  in  War,  when  their  all  may 
ly  at  Stake,  and  they  must  do  their  utmost  to  save 
themselves.  Such  a  Defence  may  put  them  to  so 
great  a  Charge,  that  a  Sum  of  Money  sufficient  to 
defray  it,  can't  be  Collected  at  the  time,  tho'  their 
Estates  are  worth  very  much  more,  and  they  are 
well  able  in  process  of  Time  to  produce  a  much 
greater  Sum  ;  And  so  it  may  happen  on  other  Occa- 
sions ;  as,  for  the  carrying  on  of  some  great  and 
useful  Works,  or  profitable  Manufactures,  or  for 
purchasing  some  great  Priviledges,  which  would  be 
of  general  Benefit  to  them  for  Generations  to  come. 

And  certainly 

In  such  Cases  as  these,  it  may  be  very  Prudent 
for  such  a  People  to  make  use  of  their  Credit,  i.  e. 
To  supply  such  Urgent  Occasions,  with  their  BILLS 
or  BONDS,  whereby  they  oblige  themselves  to  raise 
and  Pay  the  Simi  [H]  of  Money  which  they  want, 
in  some  Convenient  thne.  This  PUBLICK  CREDIT, 
if  it  be  good,  {i.  e.  if  there  be  no  doubt  but  that 
such  a  People  are  well  able  to  raise,  &  will  Honestly 
Pay  the  Money,  by  the  time,)  will  supply  the  want 
of  Money,  and  furnish  them  with  what  they  need  as 


jyiASSACHUSETTS  BAY  333 

effectually,  as  the  Money  it  self.  It  would  be  the 
undoubted  Interest  of  particular  Persons,  to  furnish 
the  Publick  with  Money,  or  any  thing  else  they  have 
Occasion  for,  on  their  Credit  thus  good  and  un- 
doubted. 

Of  this  Nature  some  of  our  Publick  Bills  are  es- 
teemed to  be,  viz.  Those  that  have  been  Emitted 
for  the  Payment  of  Publick  Debts.  (And  for  that 
reason  I  suppose  some  Gentlemen  speak  of  the  Bills 
themselves  as  a  Medium  of  Trade,)  because  they 
supply  the  Want  of  Money  ;  though  I  think  what 
they  intend  therein,  has  been  mistaken  by  many ; 
as  if  they  meant  another  Medium,  clear  and  distinct 
from  Money ;  Whereas  I  don't  take  them  to  intend, 
that  Money  is  not,  properly  speaking,  the  Medium 
of  Trade.  For  we  still  reckon  the  Value  of  every 
thing  we  Trade  in,  by  Pounds,  Shillings,  &  Pence ; 
Which  Terms  are  Denominations,  or  Names  of  sev- 
eral Pieces  of  Money  ;  and  these  Names  are  con- 
stantly used  in  Trade  to  express  the  worth  of  any 
Merchandise ;  Money  therefore  abides  the  standard, 
by  which  the  Prices  of  the  Goods  we  Trade  in,  are 
computed  and  expressed.  And  when  we  use  our 
Publick  Bills  in  Payment,  it  is  a  Trading  for  Money 
still,  though  that  Money  is  not  to  be  presently  Paid, 
but  by  a  certain  time,  for  which  the  Bill  given  in 
Payment  is  {or  ouglit  to  he)  a  good  Security.  And 
he  that  takes  the  Bill  in  Payment,  is  assured,  that 
if  he  has  that  Bill  at. the  time  set  for  the  Payment 
of  it,  he  shall  if  he  please  have  its  Value  in  Money. 
Whence  its  evident  that  these  [12]  Publick  Bills,  are 


334  CURRENCY  FOR  THE 

really  of  the  same  Nature  with  the  Bill  or  Bond  of 
a  Private  Person,  of  such  undoubted  Credit,  that 
every  one  would  take  his  Bill  for  Tioenty,  or  Forty 
Sh'iUbuj^,  or  any  other  Sum  as  soon  as  so  much 
Money.  Because  that  Bill  is  such  a  Security  for 
the  Money,  as  he  dares  rely  upon  ;  and  which  he  is 
assured  will  not  fail  him. 

But  then  we  must  always  remember,  That 
When  any  Necessity  or  Consideration  whatso- 
ever, puts  a  Country  on  making  use  of  their  Credit 
in  want  of  Money,  such  Credit  ought  to  be  very 
punctually  Supported.  And  to  the  Support  of  this 
Credit,  Two  things  must  necessarily  be  evident  to 
all  that  shall  have  any  Occasion  to  depend  upon  it. 
As, 

1.  The  ability  of  such  a  Country,  to  answer  by 
the  time,  all  the  Bills  they  have  given,  if  it  be  de- 
manded of  them. 

2.  The  Integrity  and  Honesty  of  such  a  Country, 
that  as  They  are  well  able,  so  They  will  certainly  be 
as  good  as  their  Word ;  and  keep  time  punctually 
with  all  that  have  trusted  them,  and  taken  their 
BUls,  in  payment. 

If  either  of  these  be  Suspected,  their  Credit  wiU 
Sink ;  and  if  such  a  Country  don't  remove  all  just 
grounds  of  such  Suspition,  their  Credit  will  lower 
as  that  Suspition  rises,  &  when  it  has  passed  thro' 
many  Degrees  of  Contempt,  will  come  to  nothing. 

[13]     Further, 

The  Supporting  of  such  a  Publick  Credit,  is 
neither  Impracticable,  nor  a  matter  of  meer  Pru- 


MASSACHUSETTS  BAY  335 

dence  only,  or  purely  Arbitrary,  which  may  be 
done  or  neglected  at  Pleasure,  but  such  Credit  can 
and  ought  to  be  Supported.  I  say  it  can,  because 
its  supposed  in  this  case  that  such  a  Country  has  a 
Sufficient  Estate,  &  can  fulfil  aU  its  Engagements. 
Now  for  such  a  Country  to  suffer  their  Credit  to  be 
Diminished,  or  sink,  so  that  perhaps  Twenty  Shil- 
lings in  their  Credit,  will  be  no  better  in  Trade  to 
those  that  have  it,  than  Fourteen,  or  Twelve,  or  Ten 
Shillings  in  Money,  is  not  only  to  deal  Falsly,  and 
be  worse  than  their  Word,  but  its  also  a  great  wrong 
to  multitudes ;  For  some  persons,  must  necessarily 
loose  or  suffer  as  much  wrong,  as  the  Piiblick  Credit 
becomes  worse  than  Money.  Wherefore  this  Credit 
ought  in  Justice  to  be  Supported ;  and  wilfully  to 
suffer  it  to  Sink,  is  to  be  guilty  of  great  Unrighteous- 
ness, and  Injury  to  many,  and  particularly  to  all 
Publick  Ministers  and  Creditors,  as  also  to  Widows 
&  Orphans,  whose  Interest  &  Protection  ought  to 
be  Consulted. 

To  this  I  may  add.  That 

When  the  Publick  Credit,  so  made  use  of,  is  well 
supported,  it  can^t  be  Injurious.  For  if  the  Pubhck 
Bills  Emitted  are  kept  up  to  their  full  Value  during 
the  whole  time  of  their  circulation,  whoever  takes 
them  at  the  Value  of  their  Denomination,  &  gives 
for  them,  what  he  would  Sell  for  so  much  Money, 
may  immediately  [14]  make  the  same  use  of  them 
himself  ;  And  so  may  every  one  who  successively 
receives  them,  till  the  time  of  their  Circulation  is  up, 
and  there  is  Money  to  answer  them,  to  all  that  de- 
sire it. 


336  CURRENCY   FOR  THE 

Let  now  the  Puhlick  Bills  of  Credit  be  thus  Sup- 
ported, which  They  ought  to  be,  and  will  be,  if  we 
can  but  convince  those  that  have  occasion  to  receive 
them  in  Trade,  that  we  are  not  more  in  Debt  than 
we  are  worth,  and  that  we  will  honestly  pay  our 
Debts,  and  I  can  see  no  harm  in  gratifying  the 
Desire  of  those  Gentlemen,  who  are  for  Emitting 
more  Bills,  for  present  Use,  if  there  should  by  any 
means  happen  a  scarcity  of  the  Mediiwi  of  Trade,  or 
Money,  among  us ;  and  otherwise,  They  don't  seem 
to  desire  it. 

I  will  add  this  one  Thing  more. 

If  any  particular  Persons  have  occasion  to  take 
up  Money  on  Use,  I  don^t  see  why  the  Publick  in 
such  case  may  not  supply  them,  by  lending  the 
Publick  Credit,  when  Money  is  not  to  be  had.  And 
if  during  such  Loan,  the  Puhlick  will  Support  the 
Credit  they  lend,  so  that  it  may  hold  its  value  in 
Trade,  and  be  as  good  as  Motiey,  I  don't  see  but 
They  may  justly  receive  the  same  Recompence  for 
the  loan  of  this  Credit,  as  they  might  for  lending 
the  like  Sum  in  Money. 

Those  Gentlemen  therefore,  who  declare  against 
Emitting  more  Bills  on  Loan  ;  or  ;  which  is  the  same 
Thing,  against  the  Country's  lending  their  Credit, 
must  be  understood,  only,  in  Case  the  Puhlick  Credit 
should  remain  under  its  present  Dis-[  J  5] advantages, 
and  not  be  restored  to  its  just  Esteem  as  it  may,  and 
in  Justice,  Ought.  For  in  such  Case,  Every  one 
may  be  sensible,  that  to  increase  the  Number  of  Bills 
of  Credit,  would  be  a  great  Mischief,  and  certainly 


MASSACHUSETTS  BAY  337 

increase  the  Wrong  which  many  suffer  by  their  being 
ah'eady  so  greatly  disparaged. 

But  if  the  Publick  Credit  as  often  as  it  is  made 
Use  of,  either  in  paying  of  Debts  or  in  Loan,  be 
Supported,  and  kept  up  to  its  just  Value,  so  that  it 
will  in  Trade  answer  the  End,  and  be  as  Useful  as 
Money,  I  suppose  no  Gentlemen  would  take  Offence 
at  a  more  Extensive  Improvement  of  it ;  or  think  it 
an  Injury  for  the  Country  to  make  such  a  Loan  of 
their  Credit,  to  any  persons  that  can  make  a  good 
Use  of  it.  Especially  considering  that  tho'  the  Per- 
sons that  Borrow  it,  design  to  improve  it  to  their 
own  particular  Advantage,  Yet  if  they  succeed  in 
their  design,  as  its  to  be  hoped  They  may,  it  will  at 
last  redound  to  the  Publick  Advantage  ; 

Upon  these  Considerations,  I  think  these  Gentle- 
men who  have  differed  so  much  in  their  Sentiments, 
about  supplying  at  this  Juncture  the  want  or  scarcity 
of  the  Medium  of  Trade,  may  well  be  Reconciled. 

For, 

Whether  we  do,  or  do  not,  make  any  further  Use 
of  the  Publick  Credit,  certainly  it  concerns  us  to 
hearken  to  what  is  so  earnestly  insisted  on  by  many 
Gentlemen  ;  the  retrenching  Our  Expences,  that 
They  may  not  exceed  our  Gains  ;  or  that  our  Im- 
port may  not  be  greater  than  our  Export ;  without 
which  we  must  needs  be  greatly  distressed,  &  even 
undone. 

[J 6]  And,  Those  who  are  for  calhng  in  all  the 
Bills  of  Credit  emitted,  by  the  time  set  for  it,  may 
without  any  Danger  be  gratified.  Provided  the  Pub- 


338  CURRENCY  FOR  THE 

lick  does  but  supply,  what  want  we  may  be  in  of 
Cash,  by  Emitting  more  Bills  of  Credit. 

And,  Those  who  think  it  very  necessary  at  this 
Juncture,  that  the  Government  should  still  make  use 
of  their  Credit,  both  to  Pay  their  Debts,  &  to  serve 
other  Emergencies,  may  safely  be  gratifyed.  Pro- 
vided effectual  care  be  taken  to  support  such  Credit, 
the  whole  time  it  is  made  use  of. 

Nay  even.  Those  that  Favour  a  Private  Bank  or 
Credit,  rather  than  a  Publick  one,  may  for  ought  I 
know  be  gratifyed  without  Danger,  provided  it  be 
under  such  a  Publick  Regulation,  as  would  satisfy 
all,  that  the  Bills  of  such  a  Private  Bank  should  be 
upheld  in  Trade,  and  be  made  as  useful  as  Money, 
during  the  Convenient  time  set  for  their  Circulation  ; 
and  that  when  such  time  is  expired,  those  that  have 
any  such  Bank  Bills  in  their  Possession,  may  if  they 
please  exchange  them  for  Money. 

This  therefore  is  the  chief  thing  necessary,  that 
whatever  Credit  there  may  be  Occasion  to  make  use 
of,  it  shoidd  be  supported  in  such  an  esteem  and 
Usefulness  as  it  ought  to  have  in  Trade,  that  is  to 
say  (at  least)  equal  to  Money  during  the  whole  time 
of  its  Circulation.  That  this  is  practicable  appears 
from  what  has  been  said  already ;  against  the  Justice 
of  it  no  man  can  reasonably  Object.  And  were  this 
once  done,  we  should  soon  see  an  end  of  the  Conten- 
tion about  Emitting  more  Bills.  For,  Then  no  man 
would  have  any  just  reason  to  fear. 

Either,  That  the  Bills  would  be  hoarded  up,  more 
than,  Cash. 


MASSACHUSETTS  BAY  339 

[J 7]  Or,  That  our  Credit  would  be  extended  too 
far; 

Or,  That  our  Bills  would  be  Improved  for  any 
longer  time,  than  till  our  Ordinary  Occasions  of 
Trade  &  Expence,  may  well  enough  be  Supplyed, 
with  such  a  Stock  of  Money,  as  by  our  Dihgence  & 
Good  Husbandry,  we  may  procure. 

Because,  When  such  a  Stock  is  attained,  there 
will  then  be  no  necessary  Occasion  for  Improving 
Credit  any  longer  in  such  a  manner. 

Wherefore  those  Gentlemen  who  have  differed  in 
their  Sentiments,  about  Emitting  more  Bills,  & 
calHng  in  those  that  are  Emitted,  would  I  am  per- 
swaded  find  themselves  well  satisfied,  in  any  fair  & 
reasonable  Project,  to  restore  &  keep  in  good  Credit 
the  Bills  Improved  in  Trade,  so  that  they  should 
be  of  Value  equal  to  Money  ;  until  such  time  as 
we  might  be  furnished  with  a  Sufficiency  of  Money, 
to  supply  our  Ordinary  Occasions,  and  to  carry  on 
a  Trade,  within  the  Compass  of  our  Abilities,  i.  e. 
such  an  one  as  does  not  exceed  what  we  are  able  to 
spare  out  of  our  own  produce,  for  the  carrying  of 
it  on ; 

Especially  considering  that  when  the  Bills  of  Credit 
are  restored  to  the  Value  of  Money ;  a  much  less 
Quantity  of  them  would  suffice  for  these  Occasions. 

And  I  can't  see  but  They  must  on  both  sides  find 
themselves  disappointed  at  last,  if  there  should  be 
no  care  taken  to  revive  the  Credit  of  Our  Bills,  but 
they  are  suffered  to  remain  under  the  present  dis- 
advantage, and  increasing  Discount. 


lUO  CURRENCY  FOR  THE 

For,  Suppose  No  more  Bills  be  Emitted,  and  those 
that  are  out,  be  drawn  in  as  fast  as  may  be,  by  [J 8] 
Sueing  the  Mortgages  on  which  the  most  of  them 
are  Lent,  then  indeed  the  Mortgagers  may  many  of 
them  loose  their  Estates,  but  They  that  happen  to 
have  the  Bills  in  theii'  keeping,  may  be  as  far  as  ever 
from  receiving  either  Money,  or  Money's  worth,  for 
them.  For  as  there  never  was  any  Puhlick  Provision 
made  for  the  drawing  in  those  loan  Bills  by  a  Com- 
mon Rate ;  or  having  Money  in  the  Treasury  to 
Ballance  against  them ;  so  neither  can  those  that 
have  them,  be  sure  of  having  any  part  of  the  Mort- 
gaged Estates  in  Exchange  for  them.  When  the 
Publick  has  sued  the  Mortgages  and  recovered  the 
Estates,  who  can  tell  what  they  may  think  good  to 
do  ^^-ith  them?  Some  have  thought  that  when  the 
Mortgagers  have  paid  by  Interest,  the  Value  of  the 
principal,  the  principal  will  be  Remitted  to  them ; 
and  if  so,  there  may  then  be  no  Mortgaged  Estates, 
for  these  Gentlemen  to  take  in  Exchange  for  their 
Bills ;  or  (which  is  the  same  thing)  to  purchase  with 
those  Bills,  if  they  reserve  them  for  that  end. 

This  project  of  Remission  some  may  think  un- 
reasonable, but  it  may  not  seem  so  to  others,  who 
may  possibly  have  a  great  Influence  in  the  ordering 
of  that  Affair. 

Or  if  it  should,  yet  they  may  think  it  fair  to  lease 
those  Estates  to  the  Mortgagers  with  Condition  of 
Redemption  in  some  convenient  time ;  since  it  may 
seem  hard  in  such  a  case  if  no  time  of  Redemption 
be  allowed.     Or 


MASSACHUSETTS   BAY  341 

It  may  be  thought  necessary  to  Sell  them  for 
Money  only.  These  are  things  which  may  appear 
here  after,  in  a  quite  different  View,  to  the  Govern- 
ment, both  at  Home,  &  Here,  than  they  do  now  to 
us.  [J 9]  Upon  all  which  accounts  it  may  not  be 
so  safe  for  any  Gentlemen .  who  may  reserve  such 
Bills  by  them,  to  Flatter  themselves,  that  they  shall 
ever  be  able  to  exchange  them,  for  Moneys  worth, 
(or  their  Value  in  Money)  unless  the  Credit  of  them 
be  Restored  &  Established. 

If  it  should  be  supposed,  that  when  the  Mortgaged 
Estates  are  Recovered,  the  Government  must  then 
call  in  by  Rate  all  the  outstanding  Bills,  or  Currant 
Money  in  stead  of  them ;  and  that  then  there  would 
be  Money  in  the  Treasury  to  Exchange  for  them. 

This  Supposition  is  as  Uncertain  as  any  of  the 
former.  Those  that  may  be  then  in  the  Administra- 
tion, may  be  of  another  Mind. 

There  is  no  Provision  of  such  kind  made  by  any 
Act  of  the  Government,  where  by  They  stand  en- 
gaged so  to  do  ;  Which,  If  it  had  been  design'd  at 
last,  would  probably  have  been  declared  at  first.  Yea, 
The  Contrary  seems  to  be  implied  by  the  Acts  for 
the  Loan  of  Bills ;  for  it  does  not  appear  by  those 
Acts,  that  Those  Bills  were  to  have  any  Credit,  but 
what  the  Mortgages  gave  them  ;  Which  men  might 
rely  upon  as  They  saw  Good. 

Its  pretty  remarkable,  that  many  who  please  them- 
selves with  this  Conceit,  that  the  Government  must 
at  last,  (if  Suing  the  Mortgages  don't  bring  in  the 
Bills)  take  this  Method,  and  provide  that  all  the  Out- 


342  CURRENCY  FOR  THE 

stanclinjr  Bills  should  within  a  convenient  time  be 
drawn  into  the  Treasury  by  Rate,  or  Money  instead 
of  them  ;  are  nevertheless  utterly  against  the  same 
Project,  when  its  proposed  as  a  present  method  to 
recover  the  Credit  of  our  Bills  even  to  the  Value  of 
Money. 

[20]  But,  How  can  such  Gentlemen  who  are  dis- 
couraged from  making  this  Attempt  now,  imagine, 
that  Those  who  are  in  the  Administration  when  the 
Mortgages  are  Sued  out,  will  be  perswaded  to  do  the 
same  thing  on  a  Push,  which  must  needs  be  much 
more  difficult,  and  a  far  greater  Burthen  on  the  Peo- 
ple. If  there  be  any  Reason  for  it,  Yet  it  does  not 
seem  so  fair  for  Us  to  think,  that  those  who  come 
after  Us,  if  they  can  help  it,  will  put  themselves 
to  greater  Difficulties  to  pay  the  Debts  we  have  con- 
tracted, than  ever  We  were  willing  to  do  our  selves. 

It  seems  therefore  that  tho'  no  more  Bills  should 
be  Emitted,  it  is  of  great  Consequence  that  the 
Credit  of  those  that  are  now  Extant  should  be  re- 
stored and  maintained  during  the  whole  time  of  their 
Circulation. 

On  the  other  Hand,  if  no  Care  be  taken  to  revive 
the  Credit  of  our  Bills,  what  Satisfaction  can  we 
take,  in  the  Emission  of  More  ?  When  it  is  so  mani- 
fest that  the  Discount  which  is  come  on  those  that 
are  already  emitted,  and  which  has  been  the  Occa- 
sion of  so  much  Unrighteousness,  and  great  wrong 
to  many,  will  thereby  be  increased  ! 

I  will  make  but  one  Remark  more,  which  shall  be 

Upon  the  Case  of  those  that  have  taken  up  BiUs 


MASSACHUSETTS  BAY  343 

on  Loan.  Which  many  begin  to  look  upon  with  Con- 
cern. Their  Estates  are  Mortgaged ;  And  if  the 
Bills  that  are  Extant,  are  (as  some  tliink)  in  Hands 
which  reserve  them,  for  some  considerable  Advan- 
tage, so  that  the  Mortgagers  can  by  no  means  pro- 
cure them,  to  Redeem  their  Estates,  They  will  in  a 
little  time  be  forfeited : 

[2 J]  In  case  of  a  Mortgage  given  to  a  private  per- 
son, it  would  be  look'd  on  as  a  Hardship,  if  the  Mort- 
gagees should  take  Advantage  of  the  Mortgagors, 
and  reject  them  out  of  their  Land,  as  soon  as  the  time 
set  in  their  Mortgages  is  expired.  Nor  is  this  ordi- 
narily done.  The  Mortgagees  don't  think  much 
(having  good  Security  for  their  Money)  to  allow 
many  Years  after  the  time  is  up,  to  the  Mortgagors, 
to  procure  the  Money  and  save  their  Estates ;  and 
this  is  thought  but  a  reasonable  Favour,  provided 
the  Mortgagors  duely  pay  the  Interest. 

Whereas,  as  soon  as  the  Mortgages  made  to  the 
PubHck  are  forfeited,  they  must  its  concluded,  be 
Sued  out  immediately  ;  this  being  the  way  proposed 
to  bring  the  Bills  into  the  Treasury,  and  keep  them 
from  sinking  into  the  last  Contempt. 

But  if  our  Bills  of  Credit,  were  restored  to  be  as 
good  as  Money,  men  would  soon  unlock  their  Hoards, 
&  make  use  of  the  Bills  they  keep  by  them.  By 
which  means  the  Mortgagors  might  be  able  to  pro- 
cure what  they  want  to  redeem  their  Estates ;  And 
i£  they  should  not  be  able  to  do  it  by  the  time  set 
in  the  Mortgages,  the  Publick  might,  as  well  as  any 
Private  Person,  allow  them  more  time  for  it,  and  not 


344  CURRENCY  FOR  THE 

put  them  to  the  Extremity  of  Redeeming  their  Es- 
tates now  or  never.  For  if  during  such  time,  the 
Credit  of  our  Bills  be  kept  up  to  a  Par  with  Money, 
as  they  may  &  ought  to  be,  No  Person  could  be  In- 
jured by  such  a  Favour  to  the  Owners  of  the  Mort- 
gaged Estates,  or  have  the  least  reason  to  be  troubled 
at  it. 

To  me,  therefore,  it  seems,  as  if  the  restoring  & 
upholding  our  Bills  of  Credit  to  their  just  Value, 
would  be  an  excellent  means  to  put  an  End  to  these 
Controversies,  and  give  every  one  Content.  Then 
[22]  If  a  suitable  Quantity  of  Bills,  should  be  Emit- 
ted, They  would  be  as  Useful  as  Money  during  the 
time  of  their  circulation.  And  if  we  would  be  per- 
swaded  to  retrench  our  Expences  and  live  within  our 
Income,  We  might  probably  be  supplyed  with  a  suf- 
ficient stock  of  Money  for  the  carrying  on  our  Trade, 
Which  every  one  desires.  Nor  should  we  be  neces- 
sitated to  put  the  Country  or  particular  Persons  to 
such  a  streight,  as  the  immediate  caUing  in  aU  our 
outstanding  Bills,  without  emitting  more,  its  feared 
would  do. 

But,  Its  to  be  hoped  that  by  this  reviving  the 
Credit  of  our  Bills,  We  should  in  a  little  time,  and 
by  easy  Degrees,  extricate  our  Selves  out  of  those 
Difficulties  which  at  present  bear  so  hard  upon  Us. 
Whereas  if  This  ben't  considered  as  a  necessary  and 
principal  Part  of  the  method  for  our  Relief,  I  can't 
but  think,  for  the  Reasons  which  I  have  given  You, 
that  other  Measures  will  not  be  Effectual  to  attain 
this  desirable  End. 


IHASSACHUSETTS  BAY  345 

I  have  thus,  SIR,  at  Your  Desire  communicated 
to  You  my  Thoughts,  on  the  Subjects  you  referred 
to  Me.  Whether  They  may,  and  in  what  manner 
They  may  be  best  improved  to  the  PubHck  Benefit, 
I  must  refer  to  Your  Prudence ;  and  am,  SIR, 
Tour  Humble  Servant. 


[12mo,  22  pp.     The  copy  and  the  facsimile  of  the  title-page 
were  obtained  at  the  Boston  Pubhc  Library.] 


THE 
of  the   Town   of 

BOSTON 

Once   more   Considered. 

And  Methods  for  Redress  humbly  proposed,  With  Re- 
marks on  the  pretended  Countryman's  Answer  to  the 
Book,  Entituled,  T/ie  Distressed  State  of  the  Town  of 
Boston,  &c. 

With  a  Schaeme  for  a 

BANK 

Laid  down  :  And  Methods  for  bringing  in  SILVER 
MONEY,  Proposed. 

By  yohn  Colman^ 


Boston,    Printed   for  Benjamin  Gray,  at   his    Shop   in 
King-street. 


348  CURRENCY  FOR  THE 

[J] 

The  Distressed  State  of 

BOSTON 

Further  Considered. 

Since  the  Pubhshing-  of  my  Letter,  Enti- 
tuled,  The  Distressed  State  of  the  Town 
of  Boston :  Several  pretended  Answers 
have  been  Published,  with  Design  to 
amuse  the  Country,  by  insinuating,  that 
the  State  of  the  Town  is  not  as  I  have 
Represented  it ;  and  that  I  have  assigned  wrong 
Causes  for  our  Distresses.  But  it  is  a  vain  thing 
to  endeavour  to  perswade  People  contrary  to  what 
they  daily  Experience  ;  Had  the  Gentleman  who 
hath  given  himself  the  trouble  to  make  Answer, 
projected  something  for  a  Medium  of  Exchange,  to 
pass  among  us,  which  is  the  only  way  to  Extricate 
us  out  of  our  Difficulties ;  he  would  have  merited 
well  of  his  Country ;  but  to  fault  what  others  do, 
and  propose  nothing,  {save  the  empty  notions  of 
leaving  off  Trusting,  and  allowing  Interest  on  Book 
Debts ;  Things  impracticable  at  any  time,  but  more 
especially  in  our  present  Circumstances)  seems  to 
me  much  below  the  Character  of  him,  who  is  ac- 
counted the  Author;  the  Writer  doubtless  thinks 


THE 


Siftrefleu  State 


.the  Town  of 


Once  more  Confidered. 

i-A\A  Methods  for  Redr^^^,  iMjmbly  propofed. 
With  Pvemarks  on  t\ie    pretei^ed    Couny 
try-man's  Anfwer  tc  the\.Bo0^-#ntkuI,edj^/ 
Ihs  Ijifirt^id  Statr  of  (ke  'Tow'ti-j^^-^oSion^ 

.     :  With  a  Schsfms  for  a  • 

Laid  down  :  And    ll^khads  fctr'  brihgifi^  in ' 
;  SILVER  MONfi^ropaf^ai. .        " 


V- 


By    foh?j  Caiman^ 

::.ed    for    BcHJA\rjfy'^'r>iy^   ^t  -hiS 


A.'-'.' 


MASSACHUSETTS  BAY  349 

he  hath  done  wonderful  things  in  his  Answer,  but 
I  beheve  I  shall  soon  make  it  evident,  that  he 
hath  not  in  the  least  answered  my  Letter ;  and 
demonstrate  he  talks  very  ignorantly,  and  like  [2] 
a  man  utterly  unacquainted  with  Trade,  AND  THE 
STATE   of   HIS   COUNTRY   ALSO. 

He  owns  himself  so  short  of  a  common  Under- 
standing, that  after  a  careful  Review  of  my  Let- 
ter, he  cannot  find  the  Important  Matters  he  hath 
omitted  answering  :  I  am  sorry  to  find  him  so  dull  of 
Apprehension,  that  he  cannot  see  the  Evils  I  complain 
of,  and  the  Remedy  I  drive  at ;  What  Proposal  hath 
he  made,  to  supply  us  with  a  3fedmm  of  Exchange  ? 
Without  which,  it  is  impossible  this  Town  or  Country 
can  Subsist ;  What  Method  hath  he  thought  on, 
to  prevent  the  vast  number  of  Law-Suits  ?  Which 
it  is  a  Scandal  to  the  Land  to  name.  Hath  he 
Projected  any  way  to  bring  in  Silver,  as  the  Paper- 
Bills  sink  !  or  hath  he  contrived  how  to  keep  what 
doth  Come  in,  from  being  Ship'd  off  again  ;  Hath 
he  shewn  us  the  Art  of  Living  without  a  Medium ! 
Hath  he  found  a  way  to  prevent  Mercinary  Men's 
Oppressing  their  Neighbours,  by  anticipating,  as  well 
as  exacting  Interest,  or  by  taking  their  Lands  at 
half  Value  !  Hath  he  Contrived,  how  those  who 
Live  on  their  Salaries,  shall  be  paid  without  Money  ! 
But  hove  all.  What  Contrivance  hath  he  found,  to 
support  this  poor  Town  the  hard  Winter  approach- 
ing ?  Can  they  Subsist  from  day  to  day,  without 
the  Ready  Peny  !  These  I  think  to  be  Matters  of 
Importance,  and  what  any  man  might  have  seen  to 


350  CURRENCY  FOR  THE 

be  my  Design  in  Writing  that  Letter ;  but  be  bath 
passed  tbem  over  in  Silence,  being  so  intent  I  pre- 
sume, on  sinking  the  few  Bills  which  are  yet  abroad, 
and  thereby  compleating  the  Ruin  of  the  Land : 
(to  gratifie  the  ambition  of  a  few)  That  he  could 
not  see  these  Things,  THOUGH  OF  THE  LAST 
CONSEQUENCE  TO  US. 

And  that  I  may  not  be  charged  with  being  Un- 
charitable, /  shall  next  consider  his  Proposal  of 
Leaving  off  Trusting,  and  allowing  Interest  on 
Book  Debts,  which  is  [3]  the  only  Remedy  he  pro- 
poses to  Extricate  us  out  of  our  Difficulties ;  the 
Proposal  is  so  contrary  to  the  Spirit  of  Christian- 
ity, that  it  fills  me  with  Horror  when  I  think  of  it. 
For  I  find  poor  People  must  have  neither  Money 
nor  Credit,  if  this  Charitable  Man  might  have  his 
Will,  unless  on  the  hardest  Terms  he  could  invent. 
Indeed,  the  Gentleman  will  allow.  They  shall  be 
Trusted  Six  Jlonths  {provided  they  ic  ill  from  that 
time  be  content  to  allow  Ten  per  Cent.  Interest. 
When  he  knows,  that  in  the  Method  we  are  in, 
there  will  not  be  in  {seven  years  at  most)  a  Bill 
Abroad,  to  Pay  either  Principal  or  Interest ;  The 
Law  hath  wisely  limited  Interest  to  Six  per  Cent. 
but  that  will  not  content  him ;  he  would  be  thought 
wiser  than  the  Law,  and  therefore  is  for  Ten  per 
Cent.  Truly  his  Brain  seems  to  be  addled  with 
these  Notions,  that  he  forgets  the  Scriptures,  though 
(if  I  am  not  out  of  my  guess)  his  Profession  is  to 
Study  them ;  I  would  advise  him  to  Consult  the 
Divine  Oracles,  and  see  whether  Usury  is  so  much 


MASSACHUSETTS  BAY  351 

encouraged  there ;  and  until  he  hath  proved  by 
Scripture,  that  Six  per  Cent,  is  too  Httle,  not  to 
think  himself  mser  than  THE   LEGISLATOR. 

Again  he  saith,  That  making  the  Bills  a  lawful 
Tender^  would  not  have  kept  up  their  Value,  and 
gives  this  Reason,  because  our  Import  is  more 
than  the  Produce  of  the  Country  will  Pay  for.  A 
very  poor  Argument  truly  !  When  did  we  Raise 
sufficient  to  Pay  for  our  Import !  Doth  not  our 
Import  from  one  place,  pay  for  what  we  Import 
from  another  place  ?  Is  not  our  whole  Dependance 
on  Trade  ?  Do  we  not  Export  one  Commodity,  and 
Bring  in  another  ;  and  then  Export  that,  and  Bring 
in  another  ?  And  this  keeps  the  wheel  a-going, 
imploys  our  Ships,  and  Men  abroad,  and  our 
Trades-men  at  Home  also ;  Silver  was  Shipt  off  as 
much  before  we  had  Province  Bills,  as  since  in  pro- 
portion to  our  Trade ;  and  ever  will,  while  the  [4] 
Merchant  can  find  it  a  better  Return  than  Goods ; 
Is  it  not  so  all  the  World  over  ?  What  Place  is 
there,  from  whence  they  do  not  Ship  off  Money, 
when  it  suits  their  Occasions  ?  Doth  not  England 
Ship  off  vast  Sums  to  the  East- Indies,  and  other 
Places?  And  doth  not  the  scarcity  or  plenty  of 
Silver  there,  govern  the  Price  of  it,  as  well  as  other 
things  ?  Doth  not  England  drein  all  the  Planta- 
tions of  Money,  though  they  have  Sugar,  Indigo, 
and  other  Commodities  to  make  Returns  with.  I 
am  perswaded,  if  the  Bills  now  abroad,  were  all  Sunk 
this  Day,  and  there  was  so  much  Silver  in  its  place, 
if   the  Silver  were  effectually  secured   from  being 


352  CURRENCY  FOR  THE 

Exported,  it  would  not  be  One  Peny  better  than 
the  Paper  Bills  ;  neither  would  it  have  the  least  in- 
fluence on  the  price  of  any  Merchandize  whatsoever ; 
for  what  would  the  Silver  be  better  than  the  Paper, 
if  it  could  not  be  ship'd  off,  but  remain  among  us. 
Nay,  it  is  plain,  that  the  Paper  would  be  better  than 
the  Silver,  because  of  the  Five  ^;er  Cent,  allowed 
thereon  in  Publick  Payments;  so  that  it  is  plain, 
Silver  is  no  longer  Money  with  us  but  Merchandize ; 
and  therefore  the  Bills  ought  not  to  be  esteemed 
of  less  value,  because  Silver  Rises,  it  being  no  other 
than  Merchandize  ;  and  sought  after  by  none  but 
those  who  want  to  Shij)  it  off,  as  they  do  other 
Retwnis.  And  farther.  If  we  had  as  much  Goods 
Imported  from  England  as  formerly,  (in  proportion 
to  what  we  are  grown  to)  can  the  Gentleman  im- 
agine they  would  sell  for  Two  Hundred  per  Cent. 
No,  It  is  a  Maxim  in  Trade,  The  Want  of  a  Tiling 
makes  the  worth  of  it ;  and  therefore  I  say,  if  we 
had  as  full  a  Supply  as  formerly.  Goods  would  be 
at  the  old  Prices,  and  Silver  would  have  staid  with 
us,  notwithstanding  we  had  Province  Bills ;  Ex- 
change would  have  been  as  usual,  and  Returns  also  ; 
so  that  you  see,  it  is  the  Plenty  or  Scarcity  of  goods 
which  governs  every  thing ;  and  if  so,  surely  it  is 
our  Inte-[5]rest  to  court  and  encourage  Trade  ;  for 
it  is  the  Price  of  JEuro'pean  Goods  that  governs  the 
Exchange,  and  the  Price  of  Silver,  and  all  other  Re- 
turns ;  and  this  is  very  plain,  for  though  the  Bills 
grow  scarcer,  yet  Goods  of  all  sorts  keep  up  their 
Prices :  Nay,  the  scarcity  of  Bills  helps  to  advance 


MASSACHUSETTS  BAY  353 

the  Prices  of  Goods ;  for  there  being  not  a  Medium 
to  pay  with,  the  Seller,  if  he  must  take  other  things 
in  Exchange  for  his  Commodities,  will  make  his 
Price  accordingly  ;  &  then  the  Shops,  when  they 
come  to  answer  the  Merchants  Notes,  are  obliged 
to  advance  according  to  the  Prices  they  give  ; 
and  by  this  means  the  burden  is  laid  on  the  poor 
Tradesmen,  &  there  the  Hardship  CENTERS, 
AND  THEY  ARE  THE  PEOPLE  OPPRESSED 
THEREBY. 

As  I  have  said  before,  Money  was  always  Ship'd 
Home  ;  and  yet  all  that  hath  been  Ship'd  off,  would 
not  have  Run  us  into  these  Difficulties,  but  that  the 
Scarcity  of  European  Goods  have  kept  up  their 
Prices,  and  there  hath  not  been  sufficient  Returns,  to 
pay  for  what  hath  been  Imported ;  and  the  Springs 
from  whence  we  used  to  have  our  Money,  have  failed 
of  late,  viz.  Jamaiea,  Citrizo,  (2fc.  so  that  there 
seems  to  be  a  complication  of  Misfortunes  attend- 
ing us,  which  hath  Involved  us  in  these  Distresses  ; 
and  I  can  see  no  hkeliliood  of  our  havino;  a  Silver 
Medium,  but  by  having  a  Paper  Medium ;  as  I 
shall  shew  you  before  I  have  done.  For  1.  There 
is  no  hopes  of  having  Silver  from  Jamaica,  &c.  be- 
cause of  late  years  they  find  it  more  advantageous 
to  bring  Cocoa,  and  other  Commodities  from  the 
Coast  of  JVeio  Spain,  where  they  Trade,  than  Money  ; 
and  this  I  experienced,  by  a  Vessel  I  had  on  that 
Coast,  not  long  since.  And  2.  We  must  expect 
none  from  Old  Spain,  or  Portugal,  or  the  Sireights, 
while  our  Fish  Merchants  can  Remit  their  Money  to 


354  CURRENCY   FOR  THE 

England  or  Holland,  and  make  Tioo  Hundred  per 
Cent,  profit  on  [6]  their  Goods  from  thence;  or  if 
they  will  bring  Iron  dii'ect  from  JJilboa,  may  make 
Three  Hundred  per  Cent.  The  Treasurer  of  this 
Province,  lately  gave  One  Hundred  and  Forty  per 
Cent,  for  a  Bill  of  Exchange,  to  pay  our  Agent ; 
then  surely  there  is  little  likelihood  of  Goods  falling, 
if  such  an  Exchange  be  given  ;  for  as  you  Settle 
the  Exchange  between  England  and  us,  the  Price 
of  Europfean  Goods,  and  of  Silver,  and  all  other 
Returns  will  rise  and  fall  accordingly  ;  wherefore 
most  certainly  the  way  to  make  this  Place  flourish, 
is  to  make  Trade  as  easie  and  free  as  possible,  by 
having  a  sufficient  Medium  to  manage  it,  and  by 
encouraging  every  body  to  come  to  us ;  let  them 
bring  as  much  Goods  as  they  will,  the  more  they 
bring,  the  Cheaper  it  will  be  ;  it  is  reasonable  to  be- 
lieve, that  if  we  had  of  late  Imported  as  much  Euro- 
pean Goods  as  formerly,  in  proportion  to  our  Growth, 
they  would  have  been  at  the  old  Prices  as  in  times 
of  Peace  ;  and  then  One  Hundred  Pounds  would 
have  gone  almost  as  far  in  making  Returns  as  Tico 
doth  now  ;  and  the  Silver  would  have  staid  with  us 
also.  And  another  Reason  is,  when  European 
Goods  were  plenty,  we  Ship'd  off  great  quantities  to 
other  Places,  and  brought  other  Returns  for  them ; 
and  this  ENCOURAGED  OUR  NAVIGATION, 
AND  WAS  A  GREAT  ADVANTAGE  EVERY 
WAY. 

We  are  pritty  much  Circumstanced  like  Holland, 
we  Raise  but  little  ;  if  it  were  not  for  our  Trade, 


MASSACHUSETTS  BAY  355 

we  might  Starve ;  and  it's  easie  to  see  the  advan- 
tage of  our  Trade,  by  our  Neighbours ;  who  though 
they  Raise  for  themselves,  and  supply  us  also  ;  yet 
I  presume  none  will  deny,  but  that  this  Province 
hath  grown  in  Riches  and  Strength  faster  than  any 
of  'em ;  and  may  do  so  still,  if  it  be  not  our  own 
faults  J  for  as  we  dechne,  so  they  decline  also,  so 
that  it  seems  to  me,  as  if  Providence  had  designed 
[7]  this  Place  for  the  Head  of  these  Provinces,  if  we 
are  not  wanting  to  our  selves.  The  State  of  Hol- 
land I  observe,  (who  are  allowed  to  see  their  Interest 
with  respect  to  Trade  as  much  as  any  Nation  in  the 
World)  are  for  drawing  every  body  to  them ;  and  their 
Duty's  on  what  ever  is  Imported,  is  but  a  trifle  from 
the  Importer,  they  lay  the  Duty's  on  the  Consump- 
tion ;  but  let  Trade  go  in  a  manner  free  •,  and  the 
Reason  is  this,  say  they,  we  are  sure  of  getting  by 
every  Ship  that  comes  to  us ;  whether  they  get  by 
coming  to  us,  is  their  business  to  consider,  and  not 
ours  ;  and  what  I  have  said  is  true,  with  respect  to 
this  Country  also ;  but  more  especially  with  respect 
to  this  Town,  whose  Flourishing,  or  Decay  will  have 
a  very  great  influence  on  the  Estates  of  the  whole 
Country. 

The  Gentleman  saith.  What  I  say  about  hurthen- 
ing  Trade,  with  heavy  Duty's,  he  will  not  call 
evasion  ;  neither  will  any  man  who  remembers  when 
Rum  was  Three  Pounds  Six  Shillings,  Eight  pence 
per  Hogshead,  Duty's,  Wine,  Fifty  Shillings  per 
Pipe,  &c.  This  was  it  which  drove  away  our  Trade 
to  the  Neighboring  Governments ;  for  before  these 


356  CURRENCY  FOR  THE 

Duties  were  laid,  Carolina,  Virginia  Pensilvania, 
Bhode-Island,  Co7inecticut,  Piscataqua,  &c.  as  well 
as  our  own  Sea-ports,  had  their  chief  Supply  from 
us ;  but  these  heavy  Duties  put  them  on  Trade,  and 
they  soon  found  they  could  supply  themselves  at 
better  Rates  than  with  us  ;  and  now  are  got  to  that 
heighth,  that  they  oftentimes  supply  us  with  the 
Commodities  they  2(sed  to  buy  of  us  ;  hut  i^erhaps 
the  Gentleman  never  heard  this  before. 

Again,  he  seems  more  positive,  than  is  consistant 
with  Prudence  ;  He  saith,  he  is  sure,  that  to  Emit 
more  Bills,  according  to  any  Publick  or  Private 
Schceme,  ichich  hath  been  yet  Projected,  icill  but 
increase  and  prolong  our  Misery.  I  confess  it  is 
easie  to  Fore-see  what  may  be  the  Consequences  of 
Emitting  more  Bills  on  the  [8]  Publick  Scheme  ;  for 
we  may  expect  the  same  Causes  will  be  attended 
with  the  same  Effects,  but  what  may  be  the  advan- 
tages, or  disadvantages  of  a  Private  Bank,  I  am  of 
opinion,  no  man  can  foresee,  until  we  have  tried 
the  Experiment,  and  see  the  conveniences  and  incon- 
veniences thereof ;  I  am  of  Opinion,  that  a  Private 
Bank  would  not  have  been  attended  with  the  incon- 
veniencies  the  Publick  hath  been  ;  and  yet  I  don't 
pretend,  that  Silver  would  immediately  fall  in  price, 
if  there  were  a  Private  Bank ;  neither  would  it  rise ; 
for  I  see  no  reason  to  think  that  Silver  will  fall  in 
Price,  until  Goods  from  England  fall  in  their  Prices  ; 
but  it  is  easie  for  the  Government  to  make  the  Bank 
Bills,  as  good  as  the  Province  Bills ;  and  they  would 
not  be  daily  Sinking  as  the  Publick  Bills  are,  to  the 


IVIASSACHUSETTS  BAY  357 

great  discouragement  of  Trade,  as  well  as  Distress- 
ing men  in  their  2>articular  Affairs 

Again,  The  Gentleman  is  sure  he  saith,  that  to 
leave  off  Trusting^  as  far  as  it  is  j^racticahle  enough 
to  do  it,  would  in  some  time  set  all  things  to  Rights  ; 
aud  in  another  place  he  saith  again,  he  loould  have 
it  left  off  as  far  as  it  might  he  left  off  well  enough; 
I  think  I  may  loell  enough  put  his  Sense  against  my 
Friends  Logiek  he  finds  faults  with ;  but  I  hope 
that  Trusting  will  for  the  future  grow  more  and 
more  out  of  fashion  with  us ;  for  that  long  Credit 
hath  hurt  us,  no  body  will  deny ;  But  to  make  Laws 
to  prevent  it,  or  to  charge  the  Debtor  Ten  per  Cent. 
Interest,  if  he  slips  his  time,  agreed  on  with  his 
Creditor,  is  what  I  presume  was  never  attempted  in 
any  place  whatsoever :  Were  Money  so  plenty,  that 
men  received  nothing  but  Money  for  their  Labour ; 
and  were  this  Truck  Trade  at  an  end,  and  the  Trader 
Sold  all  for  Money,  and  bought  all  with  Money ; 
Then  I  should  think  it  a  more  proper  time  to  pro- 
pose such  Laws,  then  now,  when  more  then  three 
Quarters  of  the  Payments  are  made  by  Barter  and 
Exchange  of  one  [9]  Commodity  for  another ;  and 
it  will  be  many  years  before  it  can  be  expected  to  be 
otherwise. 

Our  Circumstances  are  such  at  this  Day,  that  the 
Traders  contrive  how  they  can  get  others  into  their 
Debt,  who  they  think  will  have  Returns  to  Sell,  that 
so  they  may  secure  to  themselves  the  Refusal  of  the 
Commodities  they  Raise,  or  get  out  of  the  Sea,  or 
Import   from   Foreign   Parts,  and  think  they  serve 


368  CURRENCY  FOR  THE 

themselves  by  paying  before-hand ;  because  thereby 
they  purchase  that  with  Goods,  which  otherwise 
thev  must  pay  Money  for;  Nay,  they  have  this 
double  advantage  ;  by  this  means  they  are  sure  in  an 
ordinary  way,  to  have  the  Commodities  they  shall 
want ;  and  get  off  their  Goods  many  times  which 
would  lie  on  hand,  if  they  had  not  such  ways  to 
Dispose  of  them  ;  but  these  Mysteries  in  Trade,  the 
Gentleman  is  unacquainted  with. 

But  I  suppose  we  are  to  abound  with  Silver  by 
and  by ;  For  the  Gentleman  tells  us,  there  was  Ten 
Thousand  Pound  in  Silver  brought  in  from  one 
j^lace  the  last  year,  and  the  like  Sum  Shipt  off  in 
one  Ship  which  Foundered.  I  am  sorry  a  man  of 
his  Character  should  be  so  weak  to  impose  on  the 
World  in  a  matter  wherein  he  may  be  so  easily  De- 
tected ;  I  have  made  Enquiry,  and  there  was  not  One 
Thousand  Pound  aboard  that  Ship,  there  might  be 
a  little  Gold  also ;  but  in  all  there  was  not  much 
above  One  Thousand  Pound,  and  the  Te7i  Thou- 
sand Pounds  he  tells  us  was  brought  in,  is  at  best 
a  misrepresentation ;  for  any  one  who  Reads  his 
Account  of  that  matter,  woidd  think  there  was  so 
much  Money  Imported  hither  from  a  Foreign  Port ; 
whereas  it  was  Money  brought  to  Rhode-Island ; 
and  I  have  reason  to  believe,  it  came  great  part  of 
it  from  the  Pyrates ;  and  Gentlemen  went  up  from 
hence  and  bought  up  the  Money,  Hides,  and  other 
Goods  for  Returns. 

[10]  Again,  he  tells  us.  There  are  Bills  enough  to 
Buy  up  all  the  Produce  of  the  Country,  and  the  Sil- 


MASSACHUSETTS   BAY  359 

ver,  &c.  but  I  think  I  have  proved  the  contrary ;  but 
were  that  true,  Is  there  enough  to  Buy  and  Sell  with 
in  the  Shops,  is  there  enough  to  pay  Labourers  and 
Tradesmen,  without  forcing  them  to  take  Goods, 
which  they  know  not  what  to  do  with,  except  to  put 
them  on  their  Backs ;  for  which  some  people  are 
very  angry,  and  say  they  go  beyond  their  degree ; 
whereas  the  People  would  not  Expend  it  in  such 
ways,  if  it  were  at  their  own  disposal ;  and  the  Mer- 
chants cannot  pay  them  otherwise  than  by  Shop 
Notes,  because  the  Shops  can't  Sell  for  Money  ;  and 
consequently  can't  pay  Money  to  the  Merchants ; 
and  thus  is  Trade  miserably  imbarras^d,  and  the  Poor 
oppressed,  for  want  of  a  Medium ;  I  can't  but  ob- 
serve, that  my  Friend  owns  there  is  not  enough  to 
pay  Labourers ;  and  I  must  observe  also,  that  he 
takes  no  care  how  they  shall  be  paid. 

I  have  heard  some  lay  the  Cause  of  the  Distresses 
of  the  Town  on  the  People ;  and  say,  Pride  and  Lazi- 
ness will  bring  any  People  into  such  Circumstances ; 
but  I  think  whoever  gives  that  Character  of  this 
Town  abuse  them  ;  they  who  say  so  of  them,  perhaps 
never  did  a  days  work  in  their  Lives.  This  Town  is 
as  industrious  a  place  as  any,  if  they  have  Work  to 
do ;  if  they  stand  idle,  it  is  because  no  man  hath 
hired  them ;  not  that  I  will  say,  there  are  no  Drones 
in  the  Hive.  There  are  Indolent  Thoughtless  People 
in  all  Places,  but  the  Body  of  the  People  are  willing 
to  be  doing,  if  they  can  find  Employment.  But  it 
is  well  if  for  want  of  Business,  the  People  do  not 
get  an  habit  of  Idleness,  and  run  into  Vices,  ivhich 


360  CITJRENCY  FOR  THE 

when  once  accustomed  to,  it  is  hard  breaking  them- 
selves of. 

Next  he  tells  us,  he  hath  found  two  inconsistances  ; 
he  saith,  if  the  Import  be  so  small,  one  would  [H] 
thmk  the  Produce  of  the  Country  will  be  sufficient 
for  Returns ;  but  I  have  told  him  already,  that  the 
Import  being  small,  the  Goods  fetch  near  double 
what  it  used  to  do  ;  and  that  we  don't  Raise  half  the 
Returns  we  make,  but  Import  it  by  our  Trade ;  If 
we  did  not  by  our  Trade  to  the  Islands,  North  and 
South  Carolina,  Virginia  &c.  Import  Pitch,  Tar, 
Hides,  Tobacco,  Rice,  Skins,  Sugar,  Oyl,  &c.  What 
should  we  have  to  make  Returns  with?  And  if 
we  had  not  occasion  for  these  Returns,  lohat  ivoidd 
hecome  of  our  Trade,  on  ivhich  the  Welfare  of  the 
whole  dejjend  ?  His  other  Inconsistency  is,  That 
it  is  the  Interest  of  every  2^^ivate  man  to  Sell  his 
Silver  to  the  highest  Bidder  ;  then  saith  he  it  is 
the  Interest  of  the  Country  in  general,  because  all 
the  private  persons  contained  in  it,  will  make  up  the 
whole  Country ;  a  wise  Speech  I  protest,  worthy  of 
seven  years  study  at  the  University  ;  Well,  I'll  ven- 
ture to  inform  the  Gentleman  in  this  mysterious 
point ;  That  which  is  the  Interest  of  every  man  Col- 
lectively as  a  Body,  is  the  Interest  of  the  Country  in 
general,  because  in  that  Relation  they  are  the  Coun- 
try ;  but  nothing  is  more  certain,  than  that  it  may  be 
the  Interest  of  Private  Men  to  Buy  up  Silver,  and 
Ship  it  off ;  and  that  their  doing  so,  may  be  hurtful 
to  the  Community.  And  now  what  is  hecome  of  my 
Friends  Inconsistencies  ? 


AIASSACHUSETTS  BAY  361 

Again,  he  tells  us,  Our  Silver  and  Gold  is  gone 
already,  and  our  Lands  will  go  tiext,  {if  Trusting 
be  allowed)  I j^resume  he  don't  mean,  that  the  Fac- 
tors will  Shij)  them  off  for  England.  So  then,  after 
all  this  mighty  Tussel,  he  is  come  to  me  at  last ;  for 
that  I  say,  is  what  People  are  afraid  of ;  That  the 
Lands  will  fall  into  a  few  hands,  and  so  we  shall 
have  a  few  Lords,  and  the  Body  of  the  People 
Beggars. 

But  now  I  have  met  with  one  Clause  that  I  can 
heartily  joyn  with  him  in,  and  so  will  all  the  four 
[J2]  Provinces.  He  saith.  He  is  of  the  mind,  that 
it  is  i7nposslble,  that  either  Town  or  Country  should 
subsist  without  some  Medium  or  other.  And  I'll 
venture  to  be  as  positive  as  he  ;  I  am  sure  he  is  in 
the  Right. 

As  to  the  Opinion  of  the  Whale-men,  where  the 
Gentleman  hath  lately  been,  I  confess  I  am  igno- 
rant ;  but  of  this,  I  am  well  assured,  that  it  is  the 
opinion  of  by  far  the  greatest  part  of  the  four  Pro- 
vinces, that  unless  there  be  more  Bills,  made  on  one 
foot  or  other,  the  Country  will  be  ruined ;  and  to 
make  more  on  the  old  Scheme  we  see  will  never  do ; 
therefore  I  hope  it  will  be  done  by  private  men,  and 
I  make  no  doubt  we  shall  see  the  good  Effects 
thereof :  Our  Answerer  indeed  tells  us,  a  Private 
Bank  will  involve  us  into  greater  Mischief  than 
the  Publick  hath  done,  but  that  his  is  only  Ojnn- 
ion  :  And  I  must  tell  him,  that  men  in  Trade,  whom 
I  presume  have  have  as  much  reason  to  understand 
these  things  as  himself,  are  of  a  quite  different  opin- 
ion. 


362  CURRENCY  FOR  THE 

( Well,  hut  now  my  Friend  sensible  of  his  weak- 
ness, and  tells  us,  he  doubts  he  shall  be  j^laying  the 
fool  again ;  and  I  confess,  I  am  very  apt  to  believe 
him,  for  I  have  seen  little  else  in  his  whole  per- 
formance ;  by  what  he  saith  in  his  twelfth  page  ;  he 
seems  to  fear  the  Government  being  byassed  by  the 
Power  of  Money  as  well  as  the  Bankers  ;  but  I 
have  a  better  opinion  of  those  Worthy  Gentlemen, 
and  would  hope  there  is  no  danger  of  that ;  & 
that  if  ever  a  Bank  be  Erected,  the  Government 
will  have  a  careful  and  jealous  Eye  over  it,  to  pre- 
vent the  Bankers  doing  any  thing  which  may  be 
hurtful  to  the  Publick  ;  and  farther,  I  am  of  opin- 
ion, it  always  will  be  in  their  Power  so  to  do. 

Well  now  I  find  the  Gentleman  answers  a  whole 
Catalogue  of  Evils  which  were  mentioned  to  him  by 
this  short  Sentence  (Leave  off  Trusting)  this  is  his 
sovereign  Remedy  to  cure  all  Maladies :  Nay,  he 
[J 3]  tells  us,  this  Tsill  bring  Silver  amongst  us 
again,  but  I  protest  I  can't  believe  him,  because  I 
observe,  that  since  we  have  given  less  Credit  then 
formerly.  Money  yet  grows  scarcer  than  ever ;  and 
what  is  worse  still.  Silver  doth  so  as  well  as  Bills  ; 
whereas  he  told  us,  that  Silver  would  come  in  as 
the  Bills  left  us,  and  stay  amongst  us. 

But  the  Gentleman  tells  us,  If  People  canH  Live 
in  the  Town,  let  them  go  into  the  Country  ;  but 
certainly  he  spake  before  he  thought,  when  he  made 
that  proposal ;  perhaps  the  Gentleman  is  in  hopes 
of  a  good  Benefice  in  the  Country  in  time,  {though 
he  is  no  Salary  Man  at  2^rese7it  he  tells  us)  & 


MASSACHUSETTS  BAY  363 

it  may  suit  him  -well  enough  to  go  there,  &  be 
maintained  honourably,  as  I  would  have  all  of  his 
Function  be ;  But  it  is  very  hard  for  Tradesmen, 
who  have  Lived  all  their  Days  in  the  Town,  and 
have  got  Families,  to  pluck  up  Stakes,  and  remove 
into  the  Country,  to  seek  their  Subsistence  in  a  way 
they  have  never  been  accustomed  to  ;  and  know  no- 
thing of  ;  and  again,  there  are  abundance  of  People 
in  the  Town,  who  make  a  shift  by  their  Labour,  to 
maintain  their  Families  comfortably ;  but  lay  up  lit- 
tle afore-hand,  such  People  have  nothing  to  carry 
with  them  into  the  Country  ;  so  that  they  and  their 
Families  must  be  more  miserable  there,  than  in  the 
Town  :  but  I  think  he  would  have  them  turn  La- 
hourers  (a  very  hard  proposal  I  confess)  a7id  saith, 
they  want  their  Labour  in  the  Country,  if  they 
woidd  work  at  a  moderate  rate,  and  tells  us,  they 
don't  vKint  Money  to  pay  them ;  but  I  find  the  peo- 
ple in  the  Country  generally  differ  very  much  fi'om 
the  Gentleman  in  this  matter;  and  complain  they 
can't  get  Money  to  pay  Taxes  to  the  Government, 
and  the  Ministry ;  and  say,  if  there  be  not  some 
Medium  found,  their  Stocks  must  go  quickly  for 
these  Uses  ;  and  their  Lands  at  last.  I  have  heard 
that  some  say,  it  will  never  be  good  [14]  times 
until  Labourers  come  to  work  for  a  Groat  for  Six- 
pence a  day  ;  but  I  hope  it  will  never  be  so  in  JYew- 
England  ;  and  that  the  Poor  will  always  live  like 
men,  as  hitherto,  through  the  good  Providence  of 
God  they  have  clone,  and  not  as  bad  or  worse  than 
our  Lidians ;  as  it  is  in  some  parts  of  the  World. 


364  CURRENCY  FOR  THE 

Again,  My  Friend  tells  us,  There  is  no  danger 
of  People  getthuj  their  Neighbours  Lands  at  half 
value  ;  but  we  have  only  his  bare  word  for  it ;  for 
I  am  sure,  he  hath  not  given  us  any  reason  to  in- 
duce us  to  believe  the  contrary ;  though  he  answers 
that  matter  darkly,  I'll  set  it  in  so  true  a  light  that 
he  that  runs  may  Read  it ;  suppose  Silver  should 
come  to  Twenty  or  Thirty  Shillings  per  Ounce,  as 
it  is  at  Carolina ;  for  it  may  come  to  be  so  scarce, 
that  it  can't  be  purchased  at  any  rate  ;  for  I  say,  the 
plenty  or  scarcity  of  it,  governs  the  Price  of  that, 
as  all  other  things  ;  then  I  suppose  our  good  Friends 
will  value  Thirty  Shillings  in  Bills,  to  be  worth 
Six  Shillings  and  Eight  Pence  ;  and  Mens  Estates 
will  be  taken  from  them  at  a  price  accordingly ;  and 
so  an  Estate  which  cost  a  Thousand  Pounds,  will 
go  for  Two  Hundred,  and  this  is  the  Contrivance 
to  keep  the  Estates  in  many  mens  hands  ;  but  the 
Gentleman  may  preach  it  long  enough,  before  he 
will  bring  any  body  to  beheve  him. 

Well,  now  the  Gentleman  comes  to  see  his  Error, 
and  ours,  that  he  hath  expressed  himself  in  too 
strong  terms,  ahoid  shortning  Credit;  and  allows 
some  Credit  is  necessary  among  Traders ;  and 
therein  he  saith  no  more  than  the  whole  World  will 
justifie  him  in  :  But  yet  I  see  his  great  aversion  to 
Foreign  Commodities  clings  to  him  ;  and  his  whole 
Plea  is  for  a  Ready  Money  Trade  ;  these  things 
seem  wonderfully  to  affect  him  ;  Though  the  medium 
is  so  Exhausted,  that  there  is  scarce  one  Eighth 
part  of  the  Trade  [15]  managed  with  Money;  and 


IVIASSACHUSETTS   BAY  365 

what  Money  is  abroad,  is  daily  going  into  the  Trea- 
sury, and  all  methods  used  which  can  be  thought 
on,  to  prevent  making  more ;  (yet  all  his  Proposal 
is  to  give  no  Credit,  but  rather  all  hands  turn  Usur- 
ers) How  consistent  this  is  with  a  Money  Trade ;  I 
leave  my  Answerer  to  Determine. 

Again  he  saith.  That  man  hath  a  mind  to  think 
hard  of  the  Governm^ent,  who  thinks  that  tJiey 
will  not  {when  things  come  to  Extremities)  admit 
Mortgages  to  he  Redeemed,  and  Taxes  to  pay  in 
the  Produce  of  the  Country,  or  in  Silver,  A  fine 
Speech  I  confess,  as  if  any  man  were  so  ignorant  to 
think,  that  the  Mortgagee  would  Refuse  Silver,  or 
that  Silver  would  not  answer  for  Taxes ;  May  not  I 
call  this  an  amusement,  or  what  will  you  call  it  ? 

Some  among  us  have  had  the  advantage  of  Selling 
their  Silver,  and  advancing  thereon,  until  they  have 
Raised  it  to  Twelve  Shillings  per  Ounce ;  by  this 
they  have  advanced  their  Estates  one  third  part,  & 
now  they  have  no  Silver  to  make  an  advantage  by 
Selling,  they  are  for  turning  the  Scale  ;  just  now  the 
Bills  were  too  light  for  the  Silver,  and  therefore 
they  must  have  Twelve  Shillings,  for  Eight  Shillings 
worth  of  Silver :  And  now  they  would  have  every 
thing  Regulated  by  what  Silver  was  at,  when  it 
was  plenty  amongst  us :  And  when  the  Bills  are  all 
in,  you  must  procure  'em  Silver  at  Eight  Shillings 
per  Ounce ;  nay,  it  may  be  at  Six  Shillings  Eight 
Pence,  to  Redeem  an  Estate,  because  you  don't  pro- 
cure 'em  Province  Bills,  according  to  the  Tenor  of  your 
Mortgage,  when  it  will  be  impossible  to  procure  Pro- 


366  CURRENCY   FOR  THE 

vince  Bills  to  do  it ;  for  admit  there  were  enoiifrh 
Bills  abroad  to  redeem  all  the  Mortgages  to  the  Pub- 
hck ;  what  will  become  of  the  Mortgages  made  to 
Private  jNIen,  and  of  the  Bonds  abroad  from  man 
to  man,  on  Personal  Security ;  where  is  a  Medium 
to  Discharge  them  icith?  The  only  [16]  Method 
that  the  Gentleman  hath  contrived  to  Extricate  us 
out  of  our  Difficulties,  is  to  turn  Usurers  ;  but  after 
all  he  hath  said  thereon  to  shew  the  feazibleness  of 
it,  I  beheve  all  Trading  Men  will  think  {as  he  seems 
to  he  aware  they  would)  that  it  is  the  most  imhai^py 
one  he  coidd  have  hit  on ;  and  had  he  consulted  the 
Prophet  Nehemiah,  he  would  have  known  better, 
then  to  have  made  such  a  Proposal.  But  I  think  I 
have  said  enough  concerning  our  Methods  in  Buying 
and  Selling,  to  shew  the  impossibiHty  of  coming  into 
his  Proposals  at  present :  Were  Money  as  plenty  as 
in  Solomon's  Days,  the  Government  I  am  perswaded, 
would  never  be  brought  into  such  a  Law ;  much  less 
in  our  present  Circumstances.  I  am  sorry  the  Gen- 
tleman hath  meddled  in  an  Affair,  in  which  he  is 
so  ignorant ;  and  made  himself  a  Tool  to  a  party, 
some  of  whom  perhaps  know  as  little  of  Trade  as 
himself :  There  are  some  who  would  be  glad  of  Sil- 
ver to  pass  among  us  again,  but  will  never  venture 
any  part  of  their  own  Estates  to  bring  any  to  us. 
All  their  Cry  is,  when  the  Bills  are  sunk,  we  shall 
have  Silver,  but  don't  consider  the  Difficulties  which 
attend  bringing  it  in  ;  We  have  a  little  comes  in  now, 
because  it  fetches  Twelve  Shillings  per  Oimce ;  but 
were  it  at  Eight  Shillings  per  Ounce,  you  would 


IMASSACHUSETTS  BAY  367 

not  have  a  Peny,  because  Goods  would  be   more 
advantageous  to  the  Importer. 

I  would  advise  the  Gentleman  to  stick  to  Divinity 
for  the  future,  and  have  done  with  the  Mysteries  of 
Trade,  I  find  they  are  too  wonderful  for  him ;  and  (as 
he  seems  to  own)  past  his  Comprehension.  I  like 
him  much  better  in  the  Pulpit,  there  I'll  willingly 
receive  his  Instructions ;  but  now  he  is  out  of  his 
Sphaere,  and  so  he  must  Excuse  me,  if  I  differ  from 
him  in  Opinion. 

[17]  Proposals  for  a  Medium  of  Exchange. 

I  Had  Thoughts  at  the  Meeting  of  the  General 
Court  to  propose  a  Method  for  a  Bank,  which 
may  answer  the  Occasions  of  the  Land  at  present 
and  be  a  means  to  bring  Silver  to  pass  among  us 
again  in  time  ;  for  it  is  my  fixt  Opinion,  it  must 
be  the  work  of  time,  and  that  it  will  be  many  years 
before  we  must  expect  a  Medium  of  Silver  currant 
with  us ;  and  the  Method  I  would  propose,  is  as  fol- 
io weth. 

1.  That  a  suitable  Sum  be  agreed  on,  and  that  a 
Land  Bank  be  Erected,  for  we  have  no  other  Foun- 
dation to  build  upon. 

2.  That  no  Inhabitant  of  the  Province,  who  hath 
an  Estate  in  Lands,  be  Excluded  from  being  a  Part- 
ner therein  ;  because  the  more  persons  are  concerned 
in  it,  the  better  will  the  Credit  of  the  Bills  be,  which 
are  issued  therefrom ;  it  being  their  joynt  Interest 
to  encourage  and  support  it ;  and  those  who  put  in 
their  Lands  as  Security,  to  be  Intituled  to  the  Profits, 


368  CURRENCY    FOR    THE 

which  is  but  reasonable,  because  their  Lands  are  laid 
under  an  incumbrance  to  give  the  Bank  a  Being. 

3.  That  no  person  have  out  in  Bills  more  than 
two  Thirds  of  the  Value  of  his  Lands,  for  which  he 
shall  pay  Six  j^er  Cent.  Interest  in  Bills. 

4.  That  the  whole  profits,  arising  by  the  Interest, 
after  the  necessary  Charge  is  defray'd,  be  laid  out 
in  Silver  on  the  best  terms  it  can  be  purchased,  and 
remain  in  the  Bank  as  a  Fund,  or  colateral  Security, 
until  the  profits  amount  unto  the  original  Sum  Emit- 
ted ;  this  will  add  to  the  value  of  the  Bills,  and  as  the 
Profits  grow  by  the  Interest,  so  will  the  Bills  grow 
in  Value ;  and  by  this  Project  I  suppose,  in  about 
twenty  years,  the  Profits  will  amount  to  the  Sum 
first  Emitted  ;  and  the  Bank  may  (if  it  be  tho't  best 
by  them  who  then  have  the  management  of  AfPairs) 
In  one  day  Call  in  all  their  Notes,  and  pay  everyr  one 
Silver  for  his  Note,  at  Eight  Shillings  per  Ounce, 
and  there  will  be  the  same  Sum  abroad  in  Silver, 
which  was  abroad  in  Paper  before. 

[J 8]  5.  I  would  propose,  that  any  person  con- 
cerned in  the  Bank  be  paid  in  Bank  Notes,  or  have 
Credit  in  the  Books  of  the  Bank  be  at  his  Election  : 
This  will  be  a  great  ease  in  Trade,  as  well  as  safe 
for  those  Concerned. 

For  First,  it  will  be  an  easein  Trade,  for  any  man, 
who  hath  Credit  in  the  Bank,  may  draw  a  Note  on 
the  Bank,  and  his  Creditor,  will  go  and  receive  his 
Bills,  or  have  so  much  Transfer'd  to  his  Account, 
by  virtue  of  his  Note,  or  he  may  Endorse  his  Note 
to  a  third  person,  and  he  to  another,  and  so  from 


MASSACHUSETTS  BAY  369 

man  to  man  ;  by  which  much  time  may  be  saved. 
And  Secondly,  by  this  method  he  who  hath  Credit 
in  the  Bank  runs  no  Risk  of  his  Bills,  either  of  Fire, 
Thieves,  or  any  other  Casualty  ;  and  though  this 
being  a  new  thing  here.  People  at  first  perhaps  may 
rather  chuse  to  receive  &  pay  their  Bills  away  them- 
selves ;  yet  in  a  little  time  the  ease  and  conveniency 
of  it  would  be  so  obvious  to  every  man,  that  there 
would  not  be  abundance  of  Notes,  or  Bills  abroad : 
and  this  would  be  a  great  means  to  prevent  Counter- 
feits ;  and  I  am  of  opinion,  a  short  note  on  stampt 
paper,  part  printed,  &  part  written,  would  be  safer 
than  Ingraven  Plates  ;  how  easie  it  is  to  Counterfeit 
those  Plates,  experience  hath  shewn  us  ;  &  certainly 
the  Notes  should  be  fill'd  &  Sign'd  by  good  Pen- 
men ;  for  it  is  easier  to  Counterfeit  bad  Writing  than 
good.  As  to  the  method  of  managing  such  a  Bank, 
it  is  time  enough  to  propose  that,  when  the  Govern- 
ment are  Consenting  to  it. 

These  things  I  have  thought  on,  as  a  likely  method 
to  keep  us  alive,  until  Silver  became  again  currant 
among  us,  which  I  fear  will  not  be  very  suddenly  ; 
for  I  can  see  no  way  to  bring  in  any  quantity  of 
Silver  ;  for  while  European  Goods  continue  so  very 
high,  we  can't  expect  it  from  Old  Spain ;  and  the 
Islands  who  used  to  fetch  it  from  Mew-Sjmin,  find 
it  their  Interest  to  Trade  with  them  for  other  Com- 
modities rather  than  Silver ;  so  we  can't  expect  much 
from  them.  What  little  comes  in,  goes  away  as  fast 
as  it  comes  for  Returns  to  England  ;  how  vain  then 
is  is  for  us  to  pretend  to  have  Silver  to  pass  among 


370  CURRENCY   FOR  THE 

us ;  and  all  men  agree  in  this,  that  there  is  no  liv- 
ing- without  some  Medium  :  Then  surely  what  can 
be  the  design  of  those  who  oppose  every  thing  of 
this  nature,  and  propose  nothing  to  Relieve  us :  We 
are  a  dependant  Government,  and  have  our  bounds 
set  us;  our  Charter  carries  with  it  [J 9]  a  ne jjIks 
Ultra :  We  are  to  do  nothing  which  may  seem  to 
bear  hard  on  the  Trade  of  Great  Britain^  else  I 
would  propose  that  some  way  be  contrived  to  pre- 
vent the  Exportation  of  what  Silver  comes  in  ;  tho 
it  be  but  Httle  it,  would  help  us  something  j  but 
there  is  no  way,  but  by  making  severe  Laws,  & 
to  see  them  carefully  Executed ;  and  whether  it 
would  be  allowed  us  by  the  Crown  so  to  do,  is  what 
we  have  reason  to  suspect :  How^ever,  I'll  venture  to 
mention  them,  and  so  leave  'em  with  them,  whose 
Province  it  is  to  consider  what  is  most  proper  to  be 
done  at  such  a  time  as  this  is.  (1)  That  a  Law  be 
made,  that  neither  Buyer  nor  Seller,  shall  give  or 
receive  for  Silver,  more  than  Eight  Shillings  per 
Ounce,  on  penalty  of  forfeiture  of  the  Money,  and 
Six  Months  Imprisonment ;  the  Money  so  forfeited, 
to  go  to  the  Informer.  And  (2)  That  every  Master, 
Sailor,  or  Freighter,  before  any  Vessel  Sails,  be 
obliged  to  Swear  that  they  neither  have,  nor  will  put 
an  Ounce  Aboard  their  Vessel  they  Sail  in,  or  Freight 
on  :  This  I  confess  w^ould  be  attended  with  diffi- 
culty ;  but  could  it  be  effected,  it  would  keep  your 
Silver,  and  raise  the  Value  of  your  Bills  also :  for 
what  would  the  Silver  be  better  than  the  Bills,  if  it 
could  not  be  Sliip'd  off.     It's  plain,  that  the  day 


MASSACHUSETTS   BAY  371 

you  prevent  your  silver  being  bought  and  Sold  as 
Merchandize,  that  day  will  your  Paper  Bills  be 
equal,  if  not  superior  to  Silver,  according  to  Act  of 
Parhament :  so  that  Silver  being  as  I  said  before, 
only  Merchandize,  the  Value  of  your  Bills  ought 
not  to  be  regulated  thereby,  any  more  than  by  the 
Price  of  Oyl,  or  any  other  Returns,  did  Silver  pass 
Currant  in  payment  amongst  us,  at  Eight  SMllings 
per  Ounce  as  formerly,  and  the  Bills  would  j)ass 
in  Trade  but  for  Fourteen  Shillings  in  the  Pound, 
then  I  would  own  the  Bills  were  Fifty  j^er  Cent. 
worse  than  the  Silver,  and  not  until  then. 

But  it  is  a  vanity  I  confess  to  think  that  a  pri- 
vate Bank  would  answer,  without  the  Government 
support  &  encourage  it  by  suitable  Laws,  as  they 
have  done  the  Province  Bills  :  and  why  they  should 
refuse  so  to  do,  I  must  leave :  What  is  the  Interest 
of  Private  Men,  surely  is  the  Interest  of  the  wdiole, 
in  a  matter  of  this  nature,  it  being  of  a  publick 
nature,  tho'  in  the  hands  of  particular  persons :  if 
such  a  Bank  were  allowed  to  go  on,  the  Govern- 
ment might  so  steer  it  by  their  Laws,  that  it  would 
never  be  in  the  power  of  the  Bankers  to  do  any 
thing  prejudicial  to  thePuhlich  Good.. 

[20]  Most  certainly  the  Country  would  be  greatly 
inrich'd  by  it :  That  I  think  I  can  make  very  plain,  & 
the  Riches  of  a  place  very  much  strengthens  it,  sup- 
pose these  were  Tloo  Hundred  Thousand  Pounds 
Emitted  on  Land  Security,  which  with  what  Publick 
Bills  are  now  out,  might  I  am  of  opinion,  sufficient 
to  manage  the  Trade  at  present :  The  Interest  thereof 


372  CURRENCY   FOR  THE 

would  be  Twelve  Thousand  Pounds  per  Annum, 
allow  One  Thousand  Pounds  per  Annum  to  Offi- 
cers, and  for  other  Charges  in  managing  it :  There 
remains  Eleven  Thousand  Pounds  per  Annum.. 
This  is  so  much  gained,  and  no  man  hurt  by  it :  for 
if  a  man  Mortgage  his  Estate :  Surely  none  will  say, 
he  is  the  poorer  for  so  doing,  since  he  Receives  so 
much  thereon,  either  to  pay  his  Debts,  or  to  im- 
prove in  Trade,  and  those  who  want  it :  for  neither 
of  the  before  mentioned  Uses,  will  yet  be  fond  of 
being  concerned  in  the  Bank  because  they  can  let 
their  Bills  out  to  Interest  on  personal  Security,  and 
be  Intituled  to  their  Profits  in  the  Bank  at  the  same 
time  :  so  that  the  Country  will  be  200000 1  Richer, 
if  this  Projection  were  set  on  foot,  as  soon  as  the 
Subscriptions  are  full. 

But  some  will  say  what  signifies  the  Profits  in  the 
Bank,  when  it  is  proposed,  they  should  remain  there, 
&  not  be  divided :  I  answer,  it  will  answer  the  end 
of  the  Person  concerned,  as  well  as  if  divided ;  for 
in  a  few  years,  when  the  Profits  are  come  to  be 
worth  dividing :  Any  man  who  is  minded  to  part 
with  his  Profits,  whose  occasions  oblige  him  to  do 
may  Sell  it  to  his  Neighbour,  as  Bank  Stock  is  sold 
in  London,  every  day ;  and  no  doubt  in  a  few  years 
the  Stock  here  would  be  so  transferr'd  from  man  to 
man  daily  as  it  is  there,  and  I  can  see  no  harm  in  im- 
proving a  man's  Money  this  way,  any  more  than  in 
any  other  way  :  it  behoves  every  man  in  Buying  and 
Selling,  to  have  a  care  of  Sharpers  ;  for  they  may 
be  Cheated  other  ways,  as  well  as  by  Stock  Jobbing. 


MASSACHUSETTS  BAY  373 

But  the  grand  Argument  with  some  men  against 
a  Paper  Medium  is  this  :  They  say,  Paper  hath  no 
intrinsick  value  in  it,  and  ridicule  it,  saying,  what 
value  is  there  in  a  piece  of  Paper  ?  But  I  think 
that  a  very  weak  argument  and  indeed  unfair,  to 
compare  Bank  Bills,  or  Province  Bills  to  blank  Pa- 
per :  What  intrinsick  value  is  there  in  Silver,  or 
Gold,  more  than  in  Iron,  Brass,  or  Tinn,  but  only 
the  common  acceptation  of  it  by  men  in  Trade,  as  a 
Medium  of  Exchange.  Is  not  every  thing  in  this 
World  just  as  men  [21]  esteem  and  value  it :  If  a 
man  give  me  his  Bond,  it  is  as  good  in  my  Opinion, 
as  Silver ;  and  the  only  reason  why  it  is  so,  is,  be- 
cause it  will  pay  my  Debt,  or  command  wherewith 
to  Pay  it :  Surely  then  if  a  Bank  Note  will  answer 
for  that  end,  and  will  purchase  for  me  Food,  Phy- 
sick,  and  Cloathing,  and  all  necessaries  of  Life,  it 
answers  all  the  ends,  which  Silver  &  Gold  can 
answer  for :  &  then  why  is  there  not  as  much  in- 
trinsick value  in  one,  as  in  the  other  :  We  find  by 
daily  experience,  that  our  Bills  will  answer  all  he 
aforesaid  ends :  and  therefore  I  say  it  is,  and  ought 
to  be  esteemed  as  good  as  Silver :  Nay,  it  is  better 
to  us  than  Silver,  because  it  can't  be  Ship't  off,  but 
will  remain  with  us :  Another  Objection  against  a 
Private  Bank  is,  that  the  Bankers  will  Emit  so  much 
of  this  Paper  Medium,  that  we  shall  be  filled  with 
it,  and  the  plenty  of  it  will  make  it  of  no  value. 
This  Objection  I  think  is  already  obviated,  for  if  it 
be  under  the  inspection  of  the  Government,  as  I 
have  already  proposed :  They  will  appoint  Visiters, 


374  CURRENCY   FOR  THE 

to  ^vllom  the  Books  must  always  lie  open,  so  that  it 
will  not  be  in  the  Power  of  the  Bankers  to  Emit 
anything  more  than  what  the  Government  approve 
of.  No  doubt  but  they  will  (as  the  Province  Bills 
sink)  find  it  necessary  to  allow  the  Bank  from  time 
to  time,  to  make  as  many  Bank  Bills  as  they  sink 
of  the  Province  Bills. 

I  have  been  in  the  Bank  of  England  &  have 
observed  the  great  Conveniences  thereof,  &  am  per- 
swaded  in  the  time  that  Bank  hath  stood :  Such  a 
Bank  as  I  have  proposed  would  answer  our  Occa- 
sions, as  w  ell  as  the  Bank  of  England  or  the  Bank 
of  Holland  answers  with  them  :  The  only  Argu- 
ment which  is  brought  against  it,  is,  That  they  have 
Money ;  and  any  man  may  have  Money  for  his 
Note  on  damand:  There  indeed  we  differ,  they 
abound  with  Money,  but  we  have  none  at  all ;  Had 
we  a  plenty  of  Silver  as  formerly,  we  should  have 
no  need  of  a  Bank ;  but  I  am  perswaded  we  shall 
never  have  Silver  pass  among  us  again  as  Money, 
until  Trade  take  such  a  Turn,  that  European  Goods 
falls  so  in  prices,  that  it  will  not  answer  to  send 
away  Silver,  or  that  we  by  going  on  Manufactures, 
live  more  independent  of  them,  for  that  being  our 
main  Trade :  The  plenty  or  scarcity  of  their  Com- 
modities, will  govern  Exchange,  and  consequently 
the  price  of  Silver.  So  that  I  say,  there  is  no  like- 
lihood of  having  a  Medium  of  Silver,  without  hav- 
ing a  Medium  of  Paper  [22]  sufficient  to  manage 
our  Trade,  with  more  life  then  of  late  it  hath  been 
managed  :  The   question   then  will   be.  Whether  it 


MASSACHUSETTS  BAY  375 

can't  be  done  by  the  Publick :  That  I  know  would 
be  most  pleasing  to  many  Gentlemen,  and  I  could 
heartily  fall  in  with  them,  if  I  did  not  thmk  the  in- 
con  veniencies  &  mischiefs  attending  it,  will  be  greater 
by  far  m  our  Circumstances,  than  in  the  hands  of 
private  Men,  &  under  the  inspection  of  the  Govern- 
ment. Were  we  not  a  Dependent  People,  I  should 
have  quite  different  tho'ts.  Doubtless  the  Parha- 
ment  of  Englund  might  so  Establish  a  Publick  Bank 
there,  as  to  make  it  equal,  if  not  superiour  to  any 
private  Bank ;  but  then  it  must  be  observed,  that 
they  are  the  grand  Court  of  the  Empire,  and  ac- 
countable to  no  body :  whereas  we  can  do  nothing, 
or  at  best  all  that  we  do  is  nothing,  without  the 
Sanction  of  the  Crown. 

Thus  I  have  adventured  to  give  my  thoughts  as 
to  the  Causes  of  our  present  dark  Circumstances, 
which  I  have  done,  with  a  Sincere  aim  at  the  Pub- 
lick  Good ;  I  Acknowledge  my  unfitness  for  such 
an  undertaking ;  and  wish  that  some  of  the  Bright 
Gentlemen  of  our  Land  (of  which  it  is  not  Barren) 
had  saved  me  the  labour,  &  that  some  of  them 
would  yet  bestow  a  few  Hours  in  thinking  what 
may  be  for  the  Reliefe  of  the  Place,  and  indeed  this 
I  think  to  be  the  duty  of  every  Man,  and  would 
hope  that  out  of  the  Projections  of  many,  some- 
thing may  be  found  that  may  be  of  service  :  what  I 
have  now  written  I  expect  will  be  Received  accord- 
ing to  the  dffierent  Sentiments  &  Interests  of  men  ; 
I  am  sorry  for  the  growing  divisions  amongst  us, 
and  believe  our  growing  difficulties  are  in  a  great 


376  CURRENCY  FOR  THE 

measure  the  cause,  and  wish  that  a  Remedy  may  be 
fouud  to  heal  them,  I  conclude  with  th  wish,  That 
the  Blessing  of  Heaven  may  attend  the  General 
Court  in  their  present  Sessions  ;  in  all  the  arduous 
affairs  which  may  come  before  them,  and  that  they 
may  be  the  happy  Instruments  in  the  Hand  of  the 
Almighty  to  Repair  our  Breaches,  that  the  Blessing 
of  them  that  are  ready  to  perish  may  come  upon 
them. 

Boston  20th  July  1720. 

[Small  8vo,  22  pp. 

The  copy  was  obtained  at  the  Boston  Public  Library  ;  the 
facsimile  of  the  title-page  at  the  Massachusetts  Historical  So- 
ciety. 

In  this  pamphlet  John  Colman  again  takes  a  hand  in  the 
warfare.  It  will  be  noticed  that  he  addresses  himself  to  but 
a  single  adversary,  concerning  whom  he  says,  "  Truly  his 
Brain  seems  to  be  addled  with  these  Notions,  that  he  forgets 
the  Scriptures,  though  (if  I  am  not  out  of  my  guess)  his  Pro- 
fession is  to  Study  them."  Elsewhere  he  advises  the  writer  to 
"  stick  to  Divinity,"  and  says  he  likes  him  much  better  in  the 
pulpit.  So  far  as  this  may  serve  in  the  identification  of  the 
author  alluded  to,  it  would  apply  to  Edward  Wigglesworth,  then 
a  Congregational  clergyman,  and  subsequently  the  first  Hollis 
Professor  of  Divinity  at  Harvard. 

In  the  "  Vindication  "  the  author  says,  "  The  Gentleman  says 
afterwards,  that  perhaps  I  am  a  Sallary  Man.  I  assure  him 
I  am  not."  A  settled  clergyman  would  certainly  have  been 
considered  a  "  Sallary  Man."  Colman  does  not  seem  to  con- 
sider that  this  denial  precluded  him  from  classifying  the  author 
as  a  clergyman.  Wigglesworth  was  probably  not  settled  any- 
where when  elected  Hollis  Professor. 

The  pamphlet  which  served  to  furnish  copy  for  this  reprint 
originally   belonged  to  some  person  who  felt  called  upon  to 


MASSACHUSETTS  BAY  377 

annotate  its  pages  with  comments  upon  the  statements  which  it 
contains,  and  with  refutations  of  Colman's  arguments.  Mr. 
Worthington  C.  Ford,  to  whom  I  am  indebted  for  this  copy, 
with  wise  foresight  inchided  these  annotations  in  his  work.  It 
would  be  an  easier  task  for  the  reader  if  I  had  permitted  Mr. 
Ford's  method  to  stand,  and  had  printed  the  annotations  on  the 
pages  containing  the  matter  to  which  they  relate,  but  it  has 
seemed  to  me  best  to  reproduce  the  pamplilets  as  nearly  as  pos- 
sible in  the  form  in  which  they  were  published.  To  accom- 
plish this,  I  have  relegated  to  my  own  notes  all  intrusive  matter 
worthy  of  mention,  here  as  weU  as  elsewhere,  including  even 
one  or  two  corrections  of  the  text,  the  need  of  which  was  appar- 
ent. A  comparison  of  the  handwriting  of  the  annotations  with 
that  of  Edward  Wigglesworth,  while  it  shows  many  features  of 
resemblance,  has  also  some  characteristics  which  make  it  doubt- 
ful whether  he  could  have  written  these  notes. 

The  first  point  at  which  the  annotator  felt  called  upon  to 
intervene  was  near  the  bottom  of  the  4th  page  of  the  pamphlet, 
where  Colman  asks,  "  can  the  Gentleman  imagine  they  would 
sell  for  Two  Hundred  Per  Cent."  ?  The  answer  given  in  the 
margin  is  :  — 

"  If  the  want  be  imaginary  not  real  'twil  cause  a  demand  of  for- 
reign  goods  and  this  comparative  scarcity  wil  make  all  things  dear. 
Goods  can  never  be  at  the  old  prizes  til  o'  import  &  export  answer  as 
formerly.  Neither  the  maxim  below  nor  any  other  good  maxim  can 
be  applyed  to  an  extravagant  trade,  first  ballance  your  trade  &  then 
apply  maxims  of  trade.  The  next  reason  of  the  high  price  of  goods 
here  is  the  clearness  of  returns  and  the  reason  of  that  is  the  great- 
ness of  the  import  o'  way  of  trade  is  so  contrary  to  the  rest  of  the 
world  that  the  maxims  dont  hold  with  us,  but  the  lessening  the  im- 
port will  [ballance]  the  trade  &  make  the  prizes  reasonable." 

At  the  top  of  the  5th  page,  Colman  asserts  that  the  price  of 
European  goods  governs  exchange  and  the  price  of  silver. 
Whereupon  the  comment  is  made  :  — 

"  Whether  the  Bills  are  more  or  fewer  as  long  as  returns  are  dear 
goods  wil  be  high  prized,  the  price  of  goods  governs  the  value  of  the 
Bills  &  always  wil  doe  so  as  far  as  they  are  exchanged  for  goods." 


378  CURRENCY  FOR  THE 

Lower  down  on  the  same  page  Colman  says,  "  Money  was 
always  Ship'd  Home."     The  reply  is:  — 

"  The  meer  Imaginary  want  of  so  much  European  goods  has 
brought  them  here,  w"?  has  made  a  scarcity  &  dearness  of  returns, 
carryed  of  all  the  Silver  &  by  the  dearness  of  returns  Goods  are  be- 
come dear.  —  Silver  never  wil  stay  in  y°  Country  while  the  import  is 
so  extravagant." 

On  page  6,  near  the  top,  Colman  refers  to  the  high  rate  of 
exchange  recently  paid  by  the  Province  Treasurer,  and  asserts 
that  "  there  is  little  likelihood  of  Goods  falling,  if  such  an  Ex- 
change be  given."     This  calls  forth  the  following  note :  — 

"  An  Extravagant  import  will  forever  cause  an  extravagant  price 
of  European  Goods  &  of  Silver  wn  used  as  a  return  &  an  extrava- 
gant Exchange  of  money  between  us  and  Europe." 

Just  after  this  Colman  goes  on  to  say  that  relief  is  to  be 
found  in  a  "  sufficient  Medium  to  manage  "  trade. 

"  The  way  to  bring  trade  to  its  due  ballance  is  to  contract  it  and 
that  must  be  (while  we  are  disposed  to  run  so  into  debt)  by  con- 
tracting the  medium  moderately." 

The  intimation  is  made  on  the  same  page  in  the  pamphlet 
that  the  price  of  European  goods  had  gone  up  because  importa- 
tions had  not  kept  pace  with  the  growth  of  population.  To  this 
charge,  that  the  traders  had  failed  to  import  goods  proportionate 
to  the  growth  of  the  province,  the  annotator  curtly  says  :  — 

"  We  have  done  it  &  more." 

Colman,  still  on  the  6th  page,  then  goes  on  to  say  :  "  We  are 
pritty  much  Circumstanced  like  Holland,  we  Raise  but  little." 
This  calls  forth  the  following  extended  comments  :  — 

"  We  rayse  enough.  Holland  not  a  1000th  part  enough.  We  are 
not  nor  should  we  be  like  Holland,  nothing  but  trade.  Holland,  de- 
pending altogether  on  trade  makes  them  Encourage  import  ;  their 
laying  duty  on  Consumption  is  the  Effect  of  their  frugality.  Trade 
&  frugality  is  in  a  manner  the  whole  subsistence  of  Holland  but  are 
never  so  of  N.  England." 

Colman  then  asserts  that  the  province  is  more  prosperous 
than  its  neighbors.     In  reply  to  this  the  annotator  says :  — 


MASSACHUSETTS  BAY  379 

"  N.  York  (I  suppose  as  I  have  heard)  consumes  no  more  than 
their  wheat  flower  bread  staves  &c  will  answer  for  ;  therefore  they 
are  not  involved  as  we  are  as  to  Trade  w".""  is  more  declined  here 
than  there." 

On  page  8,  Colman  argues  that  the  inconveniences  which 
have  resulted  from  the  so-called  "  Public  Bank  "  would  have 
been  avoided  if  a  private  bank  had  been  established.  The 
comment  on  this  is  :  — 

"  I  hope  the  G  Court  will  see  the  advantages  of  a  private  bank 
before  &c." 

Space  failed  the  annotator,  but  we  can  easily  supply  the 
missing  words.  He  wished  the  Court  to  be  fully  convinced  of 
these  advantages  before  granting  a  charter. 

The  17th  page  of  the  pamphlet  is  headed  "  Proposals  for  a 
Medium  of  Exchange."  The  comments  on  this  page  are  of  a 
general  character,  and  are  not  directed  towards  special  para- 
graphs in  the  pamphlet.     They  are  as  follows  :  — 

'■  1.  All  paper  Bills  whether  province  or  Bank  bills  are  mutable 
in  value,  therefore  delusive  &  Injurious.  2.  The  multiplicity  of  them 
Increases  O'  Trade  w"""  is  too  much  already  for  the  Country  to  answer 
for.  3.  A  Mediu  of  intrinsick  Value  is  in  all  parts  of  the  world 
(where  'tis  not  produced  Naturally)  is  gained  by  Trade  and  so  it 
ought  to  be  here.  And  if  o'  Import  be  so  great  that  we  can't  in  a 
way  of  Trade  gain  a  Silver  Mediu  at  present,  we  must  lessen  the 
import,  til  we  can.  If  in  the  mean  time  many  wil  sink  under  their 
debts.  Is  it  reasonable  that  the  Country  sh?  find  a  way  to  pay  pri- 
vate men's  debts." 

On  page  18,  the  statement  is  made  in  the  pamphlet  that 
"  There  is  no  living  without  some  Medium."  To  this  the  an- 
notator says  :  — 

"  Their  design  is  by  contracting  the  paper  mediti  to  Lessen  the 
Excessive  import  w"*"  causes  the  going  out  &  not  coming  in  of  Silver, 
and  desire  it  may  be  done  gradually  til  o'  returns  may  be  Enough  to 
answer  &  bring  in  Silver  too  til  we  come  to  this  No  Inventions  can 
put  us  into  a  right  State  :  If  y"  Trade  be  such  at  present  that  you 
can't  bring  Silver  from  the  West  Indies  reduce  it  to  such  a  way  be 
degrees  that  you  may  doe  it.     Trade  has  carryed  away  the  Silver 


380  CURRENCY  FOR  THE 

Mediu  tis  just  it  slid  recover  it.  In  the  mean  time  Let  the  Govern!  be 
as  kind  &  compassionate  to  the  Trading  part  as  is  consistent  with 
reason  &  tlie  common  safety  &  those  who  have  involved  themselves 
ah'^  not  desire  more." 

It  may  well  be  doubted  if  Colman  ever  contemplated  con- 
tracting the  paper  medium.  His  wish  was  to  supplant  the 
province  bills  with  those  of  a  private  bank. 

To  the  query  on  page  19,  "  What  would  the  Silver  be  better 
than  the  Bills  if  it  could  not  be  Ship'd  off  ?  "  the  answer  is  given  : 

"  That  day  you  have  other  returns  sufficient  to  answer  for  y° 
import  you  prevent  Silver  being  a  Merchandize  or  return  til  then 
you  cant  prevent  it  by  any  Laws  that  wil  take  [effect]." 

"  Most  certainly,"  says  Colman,  at  the  top  of  page  20,  "  the 
Country  would  be  greatly  inrich'd  by  it." 

"  Not  a  jot  more,"  rejoins  the  annotator,  "  than  by  the  publicks 
Letting  out  money  and  taking  the  profits  to  thems.  nor  so  much." 

A  few  lines  below,  the  following  statement  is  made :  "  So 
that  the  Country  will  be  200000  1.  Richer."  The  annotator 
curtly  interlines,  "  twil  be  200000  I  more  in  debt ;  "  and  at  the 
bottom  of  the  page  adds  :  — 

"  If  paper  money  shd  bring  Silver  twil  at  the  same  time  lay  a 
foundation  for  its  being  exported  as  a  return  for  the  multiplicity  or 
good  the  paper  hath  occasioned  to  be  brought  in  and  of  w'  use  to  the 
publick  is  that." 

On  page  21  Colman  argues  that  a  bank  note  will  answer 
"  all  the  ends,  which  Silver  &  Gold  can  answer  for."  To  this 
the  annotator  replies  :  — 

"  Silver  and  Gold  being  valued  every  where  as  a  Mediu  of  Ex- 
change is  its  intrinsick  value.  Paper  has  nothing  of  it  because  paper 
cant  be  shipt  of  tis  worse  than  Silver." 

Again,  on  the  same  page,  the  author  says  he  has  himself 
observed  the  great  conveniences  of  the  Bank  of  England.  To 
this  the  annotator  responds  :  — 

"  A  paper  bank  can't  be  as  good  as  the  bank  of  England  or 
Holland  til  paper  is  as  good  as  Silver.  Nor  wil  paper  ever  bring  in 
Silver  so  as  to  keep  it  here." 


MASSACHUSETTS   BAY  381 

The  suggestion  on  page  22  that  Colman  hopes  for  something 
out  of  the  Projections  calls  forth  the  rejoinder,  "  Projections 
seldom  help  out  of  debt,"  and  the  statement  that  the  objections 
to  a  private  bank  are  less  than  to  one  managed  by  the  govern- 
ment causes  the  annotator  to  say  :  — 

"  It  must  be  remembered  that  the  Govermt  by  giving  a  Sanction 
to  a  private  Bank  render  tbems.  as  obnoxious  to  their  Super'  at 
Lome  as  by  Erecting  a  publick  bank,  &  more  as  the  thing  may  come 
out."] 


[1] 


SOME 


Proposals 

To  benefit  the  Province. 


MONEY  answers   all  things,  that  is, 
Civil  Credit',  Now  if  Civil  Credit, 
that  is,  all  things,  he  in  the  hands  of 
Authority,  who  are  Wise  Men,  fear- 
ing GOD  and  hating  Covetousness, 
and  he  at  their   Ordering   &  Disjwse,  then  all 
under  their  Authority  will  Honour,  Ohey,  and  of 
choice,  with  delight  submit  to  their  Government. 

Also  the  Civil  Credit  of  a  Province  in  the  hands 
&  at  the  Disjjose  of  such  Gentlemen,  may  with 
Conduct  hy  their  Wisdom  &  Goodness,  he  ordered 
into  such  Channels  as  may  overflow,  and  like  the 
River  NYLE  in  ^EGYPT,  make  all  the  Land  fruit- 
ful: 

To  Effect  which,  may  our  Great  and  General 
Assembly  he  as  sjorings  to  fill  tip  a  Sea  of  Credit, 
that  is,  set  up  a  Province  Bank  of  2  or  3  hundred 
[2]  Thousand  Pounds,  more  or  less,  always  to  be 
under  their  own  Direction  &  Maiiagement ;  and  may 
they  so  Order  every  Channel  from  thence,  as  that  it 
may  return  thro'  all  its  various  windings  into  the 


384  CURRENCY  FOR  THE 

aforesaid  Fund  of  Credit,  Imitating  Nature,  or 
rather  Providence.  As  all  Waters  come  fro7n  the 
Sea,  and  hy  Gentle  Shoioers  make  the  Earth  fruit- 
ful, so  as  that  by  its  various  Channels  it  centers 
there  again. 

Such  Wise  &  Good  3fen  in  Authority,  with  ease, 
pleasure  &  delight  may  not  only  retrieve  us  from, 
under  the  Mallancholly  Circumstances  of  the  Pro- 
vince, hut  also  bring  us  into  a  better  and  more 
flourishing  condition  than  ever. 

And  the  great  want  of  a  Medium  of  Trade  at 
present  calls  for,  and  gives  occasion  to  improve 
that  want,  and  make  it  a  handle  for  us  at  this  time 
to  give  a  speedy  supply.  That  our  necessary  Trade 
may  not  suffer  or  perish;  and  in  such  a  manner 
that  the  Province  may  be  Enriched  thereby,  and 
not  only  Merchants  &  Farmers,  but  also  Traders, 
and  all  Artificers  be  sup2:)lyed 

In  order  thereunto.  It  is  Projjosed  : 

1.  That  a  Province  Bank  be  setled. 

2.  That  a  Lumber  House  or  Houses  be  built. 

3.  That  there  be  proper   Offices,  Province   Bank- 
Books,  &c. 

4.  Proper  Persons  be  imployed. 

[3]  And  that  any  subject  upon  Improved  Lands,  or 
any  sufficient  Security  may  be  supplyed  with  I.  100 
more  or  less,  for  Twenty-one  Years  ;  and  the  subject 
that  shall  become  Debtor  to  the  Province  Bank,  to 
pay  every  Year  at  the  Rate  of  Six  Pounds  ^^er  Cent. 
per  Aniiimi  for  what  Credit  he  shall  be  supply'd 
with,  in  Hemp,  Flax,   Turpetitine,  Pitch,   Tarr, 


«--r/i. 


so  M  E 


loporais 

To  benefit  the  PioyinccJ 


0  K  ET  crifzi:Cf'<:'  ell  tih',^". 
ihat  ?5,  Qvii  Credit  y  Novo  ij 
Civil  ('■'■/-''',.'.'y:.\-f,j//  r'.i'mgSy 
be  in  ,       '       'r   rf  Am'h'oniy^ 

GOD  andhatirgQQvncuJncfsy  cr.]  he  at  their 
Ordering  ^-IDiJ^nfc,  'ih^i  all  tinder  their  Aw 
thority  v:ill  Honmi}  .phc}\  c/^d  of  choice^  mth  de- 
l!^htfubmittorh-ir<loV'r?innr:t, 

Aljo  the  Civil  Credit  if  aFrovinee  in  thj 
hands  t'f  at  the  Di/pnje  of  fuch  Gemlcmr?:^  mcf 
%mth  Conducl  by  their  IVi/ch^/.'  Vj  Kjocdnefs^  be 
ordered  into  fuc )  (. ''  ,  r.tii /\-  a^  7riayo'ccrf{ow^iind. 
like,  the  River  Myio  i:^  /Egypt,  ffiakenlt  r'rc 
l.aridjrmiJ2<! : 

To  rjjell  td'teh^  may  our  Qr eat  and  Qe7ieraf 

Afjembly  be  asfpringi  to  fill  vpa  Sea  pj  Credif, 

that  7^',  fet 'Zip  ail'rrjinceBurk  of  7  or  ^  kur.dre,^i 

.1  Thaiti 


/-^\. 


MASSACHUSETTS  BAY  385 

Rozin,  Fish,  Oyl,  Whalebone,  or  any  other  Specie, 
that  will  prevent  Imjjortation ;  or  that  is  good  for 
Exportation,  Especially  what  the  Crown  and  Nation 
of  Great  Britain  Encourageth ;  and  to  be  stored 
up  in  the  Lumberhouse :  and  the  Person  on  whose 
account  it  is  received  to  have  a  Receipt  for  so  much 
in  Specie,  till  Buyers  present  themselves,  and  when 
the  same  is  Sold,  and  the  Money  received,  the  bor- 
rower or  subject  that  was  Indebted  to  the  Bank  to 
have  his  due  Credit,  and  when  he  hath  paid  Six^er 
cent,  for  Twenty  Years,  the  principal  and  all  further 
Charge  to  be  sunk,  and  the  Debtor  discharged  by 
the  Bank.  The  first  Year  (to  make  up  the  21  Years) 
to  be  allowed  for  the  Farmer  to  prepare  his  Land, 
and  to  get  Seed. 

And  as  the  Publick  Credit  comes  into  the  Bank,  to 
convert  it  yearly  into  good  Merchantable  Fish,  &c. 
and  Ship  it  off  for  the  Streights,  &c.  there  to  be  Sold 
for  Bullion,  to  be  Imported  and  Lodged  in  the  Bank  : 
[4]  By  so  doing  in  Twenty-one  Years  our  Bank-stock 
will  be  converted  into  Bullion,  which  may  be  Equal 
to  Civil  Credit  17  d.  weight,  for  6  s.  If  it  comes 
short  thereof,  no  doubt,  valuing  Bullion,  as  it  is  a 
Specie  of  Trade  now  Sold  at  12  s.  6  d.  or  13  s.  i^er 
Ounce,  it  will  at  the  21  Years  end  to  worth  more 
than  the  Civil  value  amounted  to  in  the  Bank.  And 
then  the  Bullion  may  be  kept  in  the  Bank  for  a  con- 
tinual Fund,  and  may  be  added  to,  as  there  is  occa- 
sion. Or  the  Province  may  Receive  their  Bank  Bills 
in  all  Publick  payments  into  the  Treasury,  and 
destroy  them,  paying  out  of  the  Bank  all  Publick 


386  CURRENCY   FOR  THE 

Charges  in  Bullion,  and  so  disperse  it,  if  they  shall 
be  of  that  Opinion ;  and  if  they  think  that  Bullion 
Avill  be  continued  in  the  Province  (which  is  much  to 
be  questioned)  or  otherwise,  they  may  call  in  their 
Bank  Bills,  and  discharge  them  in  Bullion. 

Some  other  Species  might  be  mentioned  that  would 
prevent  Importation  of  as  great  a  value,  that  might 
with  ease  and  little  charge  be  Effected. 

Great  advantages  would  accrue  to  the  Province,  by 
having  sufficient  supplies  of  Civil  Credit. 

We  should  be  enabled  &  necessitated  to  raise  Hemp 
&  Flax,  Materials  for  Cables,  and  all  sorts  of  Rig- 
ging ;  and  we  have  Artists  e-[5]nough  with  us  to  Im- 
prove &  Work  up  the  same.  Also  Flax  &  Hemjo 
are  Materials  for  all  sorts  of  Sails ;  so  that  we  may 
prevent  the  Importation  thereof,  besides  making  our 
own  Linen,  and  no  quantity  would  be  too  great  to 
raise,  for  what  is  more  than  will  be  worked  up  among 
us,  will  make  good  Returns  to  Great  Britain. 

And  ^dth  sufficient  supplies  our  Fishery  might  be 
Increased,  and  thereby  Fish,  Oyl  and  Bone  made 
more  plentiful  for  Returns  to  Europe,  which  being 
got  out  of  the  Seas,  is  great  advantage  to  us. 

Also  it  will  raise  the  value  of  Improved  Lands  to 
20  or  30  p)er  Cent,  which  consideration  wiU  Encour- 
age Farmers  to  Improve  more  Lands,  the  effects 
whereof  is  the  Liberty,  Upholding  &  Inriching  the 
Province,  &c.  For  they  may  take  up  of  the  Province 
Credit  near  the  present  value  of  their  Lands,  and 
thereby  be  enabled  to  make  near  twice  the  Improve- 
ment, both  of  Lands  &  Stock. 


ISIASSACHUSETTS   BAY  387 

And  the  more  the  Farmer  takes  out  of  the  Pub- 
lick  Bank,  and  pays  in  Hemp,  ^c.  the  richer  the 
Province  will  be,  for  it  is  as  so  much  Money  given  to 
the  Province  ;  nay,  it  is  much  better  because  it  is  the 
Raising  and  Improving  our  own  Materials,  and  will 
prevent  the  Importation  of  near  double  the  value.  [6] 
And  what  can  be  greater  Encouragement  to  Farmers 
who  may  take  up  Civil  Credit  at  the  Bank  for  21 
years,  giving  Improved  Land  for  Security  to  pay  no 
more  than  Sixj)er  Cent,  for  20  Years  (which  is  not 
so  much  as  Legal  Interest)  &  it  is  in  their  own  power 
to  raise  the  produce  upon  their  own  Land,  and  to  pay 
what  is  stipulated  for,  and  then  there  will  be  no 
further  Claim  to  demand  on  the  Farmer  for  either 
Principal  or  Charges,  upon  any  account  whatsoever. 
Middling  Hemp  will  raise  above  1000  Weight  on 
one  Acre,  besides  the  Bounty  Money  given  2  d.  per 
Pound  :  According  to  which  computation  one  Eighth 
part  of  good  Land  well  Improved,  will  more  than  pay 
what  is  stipulated  for  Yearly.  But  suppose  one 
Quarter  of  an  Acre  which  is  double  the  quantity 
Rent  for  so  much  Land,  Plowing,  Sowing,  Pulling, 
Drying,  Breaking  and  Swingling  will  not  amount  to 
above  3  or  4  I.  and  all  charges  paid,  so  that  what  it 
Sells  for  more,  will  be  clear  gains. 

If  it  be  Objected,  That  there  may  he  loss  in 
Trading  into  the  Streights,  &c. 

I  answer,  Insurance  may  be  made. 

If  it  be  alledged.  That  the  Merchants  will  suffer 
by  the  Authorities  Trade. 

I  answer,  The  Province  being  supplyed  with  suffi- 


388  CURRENCY  FOR  THE 

cient  Credit  the  Merchant  and  all  Traders  will  be 
better  paid,  and  thereby  en-[7]abled  to  carry  on  their 
Merchandize,  and  Increase  the  same,  making  their 
Returns  with  more  Dispatch  ;  for  at  present  for  want 
of  Civil  Credit,  they  are  much  streightned ;  the 
Bills  of  Credit  are  so  scarce,  that  it  is  very  Improb- 
able (if  possible)  for  their  Debtors  to  pay  them  in  any 
reasonable  time. 

If  some  such  Measures  were  put  in  Practice,  in  a 
few  Years  we  might  be  able  by  raising  and  improv- 
ing our  own  Materials  to  Export  a  greater  value  than 
we  Import ;  then  the  Province  (by  the  blessing  of 
GOD)  will  Increase  in  Wealth,  and  the  Ballance 
will  remain  in  our  favour ;  and  then  and  not  before 
Bullion  will  remain  with  us,  for  a  Medium  of  Civil 
Credit. 

This  Method  being  duly  observed,  with  what  may 
be  further  proposed,  would  prevent  the  Importation 
of  100000  I.  at  least.  Yearly,  which  in  21  Years 
amounts  to  2000000  l.  Which  is  worthy  of  Consider- 
ation, for  it  is  not  bearly  alledged,  but  in  part  ac- 
cording to  the  following  computation  demonstrated, 
as  by  the  Accounts  following  will  appear  ;  and  the 
proposer  is  ready  to  make  it  all  evident  when  thereto 
required. 


ISIASSACHUSETTS  BAY 
[8]    FARMER 

To  the  Bank  for  Province  Credit 

Lawful  Interest  for  21  Years  amounts  to 


All  Charges  paid 

Profit  after  Land,  labour,  and  all  Charges  } 
paid  ) 

But  if  one  Acre  raise  10  hundred,  then 
one  quarter  of  an  Acre  will  raise  250  I. 
which  will  pay  double  the  Sum,  and 
then  the  Farmers  profit  will  be 

[9]    CONTRA 

By  Land  for  one  fourth  of  an  Acre  for  20  > 
Years  at  5  s  per  quarter  f 

Paid  for  1  Bushel  of  Hemp-seed 

Summer  following,  Plowing  and  Sowing  9  s.) 
per  Year  ) 

Pulling  Hemp,  dr'C. 

For  carrying  it  to  &  from  Watering 

Two  breakers  for  1  day  6  s.  per  Year 

Four  swinglers  for  1  day  12  s.  j)^^  Year 

Carting  to  Market  15  d.  per  Year 


[  1 0 J   A  Province  Bank  Established  of 
All  Charges  for  21  Years  amounting  to 

If  100  I.  at  1  per  cent,  for  20  Years  gains  20  > 
I.  then  200000  I.  at  1  ;jer  Cent,  gains    ) 

In  21  Years  paid  to  the  Province  in  Hemp  &  Flax 
Workmanship  50  per  Cent. 

Benefit  to  the  Province  of  21  Years  amounts  to 


389 

DR. 

I.  s.  d. 
100  00  00 
126  00  00 

226  00  00 
61  13  00 

164  07  00 


328 

14  00 

CR. 

l. 

s.       d. 

05 

00  00 

00 

08  00 

09 

00  00 

13 

00  00 

12 

00  00 

06 

00  00 

12 

00  00 

01 

05  00 

61 

13  00 

I. 

230000 

030000 

200000 
040000 

240000 
120000 

360000 


240000 


390  CURRENCY  FOR  THE 

That  is,  it  prevents  Importation  of  so  much. 
From  the  aforesaid  Accounts,  it  is  mani- 
fest that 

If  one  Farmer  by  100  I.  for  21  Years  gains  ) 

164 1.1  s.Q  d.  then  2000  I  328700 

Farmers  with  200000  I.  may  gain  ) 

If  Fish  clear  all  Charges,  and  lodge  in  the 
Province  Bank  2  Ounces  of  Bullion  per 
Quintal,  &  at  21  Years  Expiration  it  be 
worth  12  s.  6  d.  per  Ounce  as  now  Sold, 
then  it  will  advance  the  Bank  in  Bullion 
to  the  value  of 

\_\\\   Then  the  Province  will  be  benefited  by 

preventing    the  Importation   of  Rigging, 

the  value  of  I.  360000 

The  Farmers  will  be  benefited  by    raising  ) 

Hemp  and  Flax  j  328700 

And  Bullion  lodg'd  in  the  Bank  to  the  value  ) 

of  i  240000 

Clear  of  all  charge  it  will  benefit  the  Pro- ") 

vince  in  21  Years  |  928700 

Some  otiier  proposals  may  be  made  of  as  great 
benefit  to  the  Province.  Hemp  and  Flax-seed  yields 
good  Linseed  Oyl. 

If  complying  with  these,  or  some  such  proposals, 
Increase  the  honour,  glory,  &  power  of  Authority, 
and  benefits  the  Subjects,  and  neither  hurts  nor 
wrongs  any  :  Why  may  it  not  be  Effected  ? 

Besides  the  Gain  proposed.  Is  it  not  the  Glory 
and  Duty  of  Authority  to  supply  the  Province,  and 
uphold  the  Civil  Credit,  without  which  Trade  must 
needs  dye,  and  many  inconveniences  will  Inevitably 
ensue  (of  which  France  is  a  late  Instance)  and  are 
we  not  come  to  the  last  pinch  ? 


MASSACHUSETTS  BAY  391 

Upon  the  whole  then,  As  it  hath  been  the  Wis- 
dom, Care  and  Concern  of  all  the  Provinces  of 
Europe  how  to  find  out  the  best  Me-[12]diums  of 
Civil  Credit,  for  the  welfare  of  their  Dominions,  and 
Quieting  the  Minds  of  their  Subjects ;  and  shall  we 
do  nothing  for  the  Subjects  relief,  when  they  are  so 
greatly  Distressed  ? 

That   great  Orator  Mr.  Jeremiah    White,  saith, 

*  There  is  a  Debt  of  pure  love,  You  owe  youi'  Wis- 
^  dom  to  all  Men,  to  contrive  their  happiness  for 

*  them :  You  owe  your  Power  to  effect  it ;  the  Bees 
'  out  of  themselves  make  a  vessel  for  you,  and  fill  it 

*  with  Honey,  their  Honey-comb  :  so  should  you  be 

*  out  of  your  own  Spirit,  moulding  a  frame  of  hap- 

*  piness  for  others,  and  filling  it  with  all  sweetness 

*  you  can  :  Do  good  to  all.    Should  you  be  as  drones, 

*  feeding  upon  the  fruits  of  others,  but  making  no 

*  Honey  your  selves. 

All  which  is  offered  by  a  true  Lover  of  this  Coun- 
try, to  the  serious  Consideration  of  all  her  Friends  ; 
Imitating  the  poor  Widow  I  cast  my  Mite  into  the 
great  Treasure  of  your  Wisdom,  expecting  it  to 
come  forth  as  Oar  refined  by  the  Exquisite  Artist 
into  pure  Gold. 

F.  M. 


392  CUREENCY   FOR  THE 

[13] 

POSTSCRIPT. 

A  Character  of  a  Puhlick  Spirit 

PUblick  Spirits  are  the  greatest  and  noblest 
Spirits  growing  up  in  us,  from  those  generous 
Seeds,  which  in  our  Creation  were  planted  in  our 
Natures,  and  therefore  of  our  very  Essence,  as  we 
are  Men,  which  if  rightly  Cultivated,  make  all  Soci- 
eties happy.  Rome,  Greece,  &c.  flourished  by  Men 
of  Great  and  Noble  Spirits. 

But  Men  who  profess  themselves  Christians,  if 
they  be  what  they  profess,  that  is.  Subjects  of  a 
Supernatural,  Spiritual  and  Divine  Being,  born  of 
the  Spirit,  and  thereby  made  conform  to  theii-  Head 
J E S  US,  who  took  all  occasions  to  do  good,  and 
dy'd  to  save  His  Enemies  ;  that  Supernatural  Spir- 
itual Divine  being  in  them,  so  much  exalts  them 
above  what  the  first  Adam  was  made  the  Subject 
of  in  Paradice,  I  say,  how  should  it  inflame  their 
Natural  Publick  Spirits  (which  they  are  the  Subjects 
of  as  Men)  to  immitate  their  All-glorious  Origine 
J E  S  US,  and  not  only  equal  them  that  were  Gen- 
tUes,  but  be  bound  in  Spirit  to  come  up  to  and  excel 
even  Meek  Moses;  If  thou  wilt  [14]  not  forgive 
their  Sin,  blot  me  I pr  y  thee  out  of  thy  hook.  And 
the  Apostle  Paul,  I  could  icish  that  my  self  were 
accursed  from  Christ,  for  my  Brethren,  &c.  See 
how  great  the  Effects  are  of  having  CHRIST  formed 


]VIASSACHUSETTS   BAY  393 

in  us,  and  making  Hiqi  our  only  Pattern.  May 
such  desirable  &  Christ-like  Persons  be  found 
amongst  us,  (tho'  but  Shepherds  or  Tent-makers) 
abounding  with  all  pleasant  and  delightful  fruits, 
Comforting,  Refreshing  and  Freeing,  Suffering, 
broken  Spirits,  which  grown,  sigh  and  are  bowed 
down  under  Ojjpressing  burdens  ;  how  bright  and 
lovely  would  such  Persons  be  to  this  Generation, 
and  their  Memories  to  all  Posterity,  and  shine 
above  others  after  this  Life  in  Eternal  Glory  for 
ever? 

A  Character  of  a  Private  Spirit. 

A  Private  Spirit  is  a  selfish  narrow,  contracted, 
little  Spirit ;  it's  the  Devil  form'd  in  us :  Ye 
are  of  your  father  the  Devil ;  taking  advantage 
from  the  Execution  of  the  Divine  Sanction,  viz.  (the 
loss  of  the  Image  of  GOD)  which  Satan  was  the 
author  of,  and  is  ;  our  setting  up  self  to  be  equal 
with  or  above  GOD,  which  is  Idolatry  ;  and  self,  both 
the  Idol  &  Medium,  by  which  we  serve  the  Devil : 
we  are  by  him  hurried  [15]  with  all  our  powers  to 
possess  Idol-self,  with  the  profits,  pleasures  and  hon- 
ours of  this  Life,  and  therefore  substitute  Religion, 
Reason  and  Nature  to  ^ect  it ;  for  while  we  remain 
in  our  Apostacy,  we  can  act  from  no  other  being,  nor 
to  any  higher  end  than  self,  that  is  the  spring,  and 
all  our  actions  center  therein,  how  Religious  soever 
we  be :  This  Self  Idolatry  is  the  Ruining  of  all  So- 
cieties, and  all  Men  of  what  Rank  or  Degree  soever, 
Sacred  or  Civil,  either  Wholly  or  in  Part  are  the  Sub- 


394  CURRENCY  FOR  THE  MASSACHUSETTS  BAY 

jects  thereof;  the  effects,  fruits  and  evidences  of 
Self,  are  Tyranny,  Oppression,  Wrath,  &c.  with  all 
Moral  and  Penal  evils.  And  frequently  Hypocrit- 
ical Covetous  Men,  makes  the  greatest  show  of  Reli- 
gion. Our  All-glorious  Saviour  was  not  Wise  and 
Holy  enough  for  such  Men,  but  by  them  most  vilely 
and  falsely  contradicted,  accused,  persecuted  and 
executed  for  one  of  the  greatest  Sinners,  even  when 
the  Gentile  Judge  Justified  Him,  and  wrought  by 
all  Means  (save  force)  for  His  deliverance. 

Boston  :  Printed  for  and  Sold  by  Benj.  Eliot,  at 
his  Shop  below  the  Town-House. 

1720. 

[A  small  8vo  pamphlet  of  fifteen  pages,  to  be  found  in  the 
Library  of  the  American  Antiquarian  Society.  Through  the 
courtesy  of  that  Society  the  copy  and  the  facsimile  of  page  1 
were  obtained.  The  pamphlet  has  no  special  title-page.  The 
imprint,  at  the  end,  is  :  "  Boston :  Printed  for  and  Sold  by 
Benj.  Eliot,  at  his  Shop  below  the  Town-House.     1720."] 


EUcirotyped  and  printed  by  H.  O.  Houghton  &'  Co- 
Cambridge,  Mass.,  U.  S.  A, 


UNIVERSITY  OF  CALIFORNIA  AT  LOS  ANGELES 

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